Singapore-based Sea Ltd. touted the “synergy” among its gaming, e-commerce, and financial services segments, but caused investor losses by downplaying the risks associated with its expanding loan portfolio, a new lawsuit says.
Sea’s shares on the US market—American Depositary Shares—dropped almost 5% in November 2021 and then almost 18% this past May, shareholder Ubaydullo Mirvaydulloev says. He filed his complaint Sept. 8 in the US District Court for the District of Arizona.
Sea operates a gaming platform called Garena; an e-commerce business called Shoppee; and a digital financial services platform, according to the complaint. The fintech unit, SeaMoney, offers payment ...
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