Sea Limited (NYSE: SE)

This lawsuit is for anyone who acquired securities in Sea Limited (NYSE: SE) from April 19, 2021 through May 15, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by failing to tell investors that the the Company was exposing itself to riskier loans and also by failing to take higher loan loss reserves despite the Company exposing itself to riskier loans.

On May 16, 2023, Sea released its first quarter 2023 financial results, reporting lower-than-expected earnings due to a sharp increase in loan loss reserves. The Company disclosed that its “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 [its] loan book.” Further, Sea Limited also announced that its previous Chief Investment Officer had left that role and joined the Company’s Board of Directors. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Sea Limited (NYSE: SE) from April 19, 2021 through May 15, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.