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Calling All Sea Limited (SE) Investors: Contact Bronstein, Gewirtz & Grossman, LLC to Actively Participate in the Class Action Lawsuit
New York, New York--(Newsfile Corp. - August 3, 2023) - Bronstein, Gewirtz & Grossman, LLC, a...
About this update from Sweet Earth Holdings Corporation
[{"type":"text","content":"Calling All Sea Limited (SE) Investors: Contact Bronstein, Gewirtz & Grossman, LLC to Actively Participate in the Class Action LawsuitNew York, New York--(Newsfile Corp. - August 3, 2023) - Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Sea Limited (\"Sea\" or the \"Company\") (NYSE: SE) and certain of its officers.Class Definition:This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Sea securities between April 23, 2022, and May 15, 2023, inclusive (the \"Class Period\"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/se.Case Details:The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose 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.On May 16, 2023, Sea issued a press release announcing its financial results for the first quarter of 2023. Among other items, Sea reported first-quarter earnings that fell significantly short of expectations due to a sharp increase in loan loss reserves. The Company advised that \"[o]ur provision for credit losses increased by 120.5% to US$177.4 million in the first quarter of 2023 from US$80.5 million in the first quarter of 2022, primarily driven by expansion to a broader user base and the growth of our loan book\" (emphasis added). Sea also disclosed that the Company's previous Chief Investment Officer, David Ma, had left that role and joined the Company's Board of Directors.On this news, Sea's American Depositar...