The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Sea Limited (NYSE: SE) who purchased securities between April 19, 2021 and May 15, 2023. The action, which was filed in the United States District Court for the District of Arizona, alleges that the Company violated federal securities laws.
In particular, the Sea lawsuit alleges 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; (iv) the foregoing was likely to have a significant negative impact on Sea’s earnings; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Shareholders have until September 19, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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