BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming September 19, 2023 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Sea Limited (“Sea” or the “Company”) (NYSE: SE) securities between April 23, 2022 and May 15, 2023, inclusive (the “Class Period”).
Investors suffering losses on their Sea investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On May 16, 2023, Sea released its first quarter 2023 financial results, reporting lower-than-expected earnings due to a sharp increase in loan loss reserves. The Company disclosed that its “provision for credit losses increased by 120.5% to US$177.4 million in the first quarter of 2023 from US$80.5 million in the first quarter of 2022, primarily driven by expansion to a broader user base and the growth of [its] loan book.” Further, Sea also announces that its previous Chief Investment Officer had left that role and joined the Company’s Board of Directors.
On this news, Sea’s stock price fell $15.62, or 17.4%, to close at $72.45 per ADS on May 16, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Sea overstated its ability to manage the growth of its user base and loan book while enhancing its profitability; (2) Sea’s expansion to a broader user base and growing loan book rendered the Company significantly more vulnerable to higher credit losses; (3) as a result, the Company was likely to book a significant increase in loan loss reserves; (4) the foregoing was likely to have a significant negative impact on Sea’s earnings; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Sea securities during the Class Period, you may move the Court no later than September 19, 2023 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you 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 firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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