BENSALEM, Pa., November 02, 2021--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Tuya Inc. ("Tuya" or the "Company") (NYSE: TUYA) investors concerning the Company’s possible violations of the federal securities laws.
On March 18, 2021, Tuya conducted its initial public offering ("IPO") of its American Depositary Shares ("ADSs" or "shares"), selling 45,076,479 ADSs at $21 per ADS.
On August 19, 2021, Tuya reported disappointing financial results for second quarter 2021. During the related conference call, the Company attributed the results to a "series of challenges" affecting its customers, "including Amazon's strict execution of seller policy, rising raw material prices and shortage of semiconductor components."
On this news, the Company’s share price fell $1.74, or 14%, to close at $10.41 per ADS on August 19, 2021. As of market close on October 27, 2021, Tuya ADSs were trading as low as $7.01, or 66% below the IPO price.
If you purchased Tuya securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211102006382/en/