Sea Ltd. was unable to escape a lawsuit from shareholders who allege the internet company hid negative trends in two lines of business.
Investors say Sea made a series of false and misleading statements about its digital entertainment platform, Garena, and e-commerce platform, Shopee, in an attempt to shore up the plummeting price of Sea’s stock in the midst of a self-described crisis.
Judge Douglas Rayes in the US District Court for the District of Arizona allowed much of the lawsuit to move forward in a Wednesday ruling.
The lawsuit stems from a series of statements Singapore-based Sea made ...
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