According to the Complaint, Tuya Inc. developed and offers a purpose-built “Internet of Things” cloud platform that delivers a suite of offerings, including Platform-as-a-Service, or PaaS, and Software-as-aService, or SaaS, to businesses and developers.

On February 26, 2021, Tuya filed with the SEC a registration statement on Form F-1 for the IPO, which, after amendments on March 12, 2021 and March 16, 2021, was declared effective on March 17, 2021. On March 19, 2021, the Company filed with the SEC a prospectus for the IPO on Form 424B4, which incorporated and formed part of the Registration Statement. The Registration Statement was used to sell to the investing public over 45 million Tuya ADSs at $21 per ADS (which included a partial exercise of the Underwriter Defendants’ over-allotment option), generating over $946 million in gross offering proceeds.

The Complaint alleges that the IPO’s registration statement documents were materially false and misleading because they failed to disclose that: (i) a material portion of Tuya’s China-based customers were engaged in the widespread and systematic manipulation of reviews and product offerings in violation of Amazon.com’s terms of use; (ii) prior to the IPO, a consumer investigation and data breach had exposed an illicit fake review scheme being perpetrated by many of Tuya’s clients, among others, which included, among other things, the exposure of 13 million records of organized fake review scams linked to over 200,000 Amazon account profiles; (iii) as a result, there was a substantial risk that a material portion of Tuya’s significant customers would be barred from using Amazon.com’s platform, negatively impacting Tuya’s business, revenue, earnings, and prospects; and (iv) as such, the IPO’s registration statement’s representations regarding Tuya’s historical financial and operational metrics and purported market opportunities and expected growth did not accurately reflect the actual business, operations, financial results, and trajectory of Tuya at the time of the IPO.

On December 22, 2022, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on March 2, 2023. Defendants filed a Motion to Dismiss the amended Complaint on May 1.

On March 5, 2024, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

On April 25, 2024, Defendants filed a Motion for Judgment on the Pleadings. The Court issued an Order granting Defendants' Motion for Judgment on March 7, 2025. Plaintiff was given leave to amend the Complaint.