Sea to Pay $46 Million to Settle Investor Business Claims (3)

Sea Ltd. will pay $46 million to resolve a proposed class action alleging that the internet company hid negative trends in its digital entertainment and e-commerce platforms as a pandemic boom dissipated after 2021.

Lead plaintiff Laborers District Council Construction Industry Pension Fund asked the US District Court for the District of Arizona on March 14 for its preliminary approval of the settlement. The pension found sought certification of a proposed class to include those who acquired Sea’s American Depository Shares from Nov. 15, 2022, through Aug. 14, 2023.

Judge Douglas Rayes in August allowed much of the allegations of ...