NEW YORK, July 25, 2023 (GLOBE NEWSWIRE) --
- Do you, or did you, own shares of Sea Limited (NYSE: SE)?
- Did you purchase your shares between April 23, 2022 and May 15, 2023, inclusive?
- Did you lose money in your investment in Sea Limited?
- Do you want to discuss your rights?
Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Sea Limited (“Sea” or the “Company”) (NYSE: SE) between April 23, 2022 and May 15, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the District of Arizona and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Sea securities, and/or would like to discuss your legal rights and options please visit Sea Limited Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court no later than September 17, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
The Complaint alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Defendants failed to disclose to investors that: (i) Sea overstated its ability to manage the growth of its user base and loan book while enhancing its profitability; (ii) Sea’s expansion to a broader user base and growing loan book rendered the Company significantly more vulnerable to higher credit losses; (iii) as a result, the Company was likely to book a significant increase in loan loss reserves; and (iv) the foregoing was likely to have a significant negative impact on Sea’s earnings.
On May 16, 2023, Sea issued a press release announcing its financial results for the first quarter of 2023. Among other items, Sea reported first-quarter earnings that fell significantly short of expectations due to a sharp increase in loan loss reserves. The Company advised that “[o]ur 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 our loan book”
On this news, Sea’s American Depositary Share (“ADS”) price fell almost 18%.
If you purchased or acquired Sea securities, and/or would like to discuss your legal rights and options please visit Sea Limited Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2023 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
