According to the lawsuit, defendants made false and/or misleading statements regarding the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors that:
- Sea overstated its ability to manage the growth of its user base and loan book while enhancing its profitability;
- Sea’s expansion to a broader user base and growing loan book rendered the Company significantly more vulnerable to higher credit losses;
- as a result, the Company was likely to book a significant increase in loan loss reserves;
- the foregoing was likely to have a significant negative impact on Sea’s earnings; and
- as a result, the Company’s public statements were materially false and misleading at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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