Shareholders in New York filed a class action lawsuit against Tuya Inc., a Chinese AI and Internet of Things (IoT) platform.
Lian Xiaomeng, a Chinese national, was the first to initiate a lawsuit in federal court in the Southern District of New York on Aug. 9 through the shareholder rights law firm Johnson Fistel, alleging that Tuya violated federal securities laws in its March 2021 initial public offering (IPO).
Four other law firms—Shareholders Foundation, Levi & Korsinsky, Hagens Berman, and Robbins Geller Rudman & Dowd—followed suit, announcing they were launching an investigation and calling for the lead plaintiff’s attorney to join them by Oct. 11….