Sea Limited (NYSE: SE) Securities Fraud Class Action

VIEW COMPLAINT

Please complete this form relating to your transactions in Sea Limited (NYSE: SE) securities between April 19, 2021 and May 15, 2023, both dates inclusive (the “Class Period”).

You may also contact Jonathan Naji, Esq. (484) 270-1453; or you may submit your information via email at info@ktmc.com; or you may click here to print a PDF of this form.

Information Sheet

* Denotes required field

First Name *

Last Name *

Email *

Country

City

State\Province

Zip\Postal Code

Country Prefix

Phone Number

Phone Type

Purchase(s)

+ Additional Purchases

Sale(s)

+ Additional Sales

Date

# of Shares

Price per Share

Date

Principal Amount

Amount Paid

Series or CUSIP

Date

# of Contracts

Price per Contract

Exercise Price

Expiration Date

Did you purchase shares of Sea Limited prior to the Class Period?

Yes

Are you a current or former employee of Sea Limited?

Yes

The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.

I agree to the KTMC
disclaimer

Yes

I would like to receive
new case alerts by email

Yes

Submit Your Information

COMPANY	Sea Limited
COURT	United States District Court for the District of Arizona
CASE NUMBER	23-cv-01455
JUDGE	The Hon. Douglas Leroy Rayes
CLASS PERIOD	between April 19, 2021 and May 15, 2023
SECURITY TYPE	Securities

Sea investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than September 19, 2023 move the Court to serve as lead plaintiff of the class, if you so choose.

A class action lawsuit has been filed on behalf of those who purchased or acquired Sea Limited (“Sea”) (NYSE: SE) securities between April 19, 2021 and May 15, 2023, both dates inclusive (the “Class Period”).

Case Background:
Sea, together with its subsidiaries, provides digital entertainment, e-commerce, and digital financial services in Asia, Latin America, and internationally. Sea’s digital financial services platform provides payment processing services, credit offerings, and digital bank services under various brands, which purportedly work in tandem with Sea’s digital entertainment and e-commerce platforms to drive synergies among all three business segments.

On November 17, 2021, investor news website Seeking Alpha reported that Bank of America had downgraded Sea’s stock from a “Buy” rating to a “Neutral” rating because, inter alia, “[c]onsensus [ha]s yet to factor in rising losses in the medium term based on expansion into new markets in Europe/India.”

On this news, Sea’s American Depositary Share (ADS) price fell $15.50 per ADS, or 4.7%, to close at $314.41 per ADS on November 17, 2021.

On May 16, 2023, Sea issued a press release announcing its financial results for the first quarter of 2023. Sea reported, among other things, first-quarter earnings that fell significantly short of expectations due to a sharp increase in loan loss reserves. Specifically, Sea stated 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.” Additionally, Sea disclosed that their previous CIO resigned and had joined Sea's Board of Directors.

Following this news, Sea's ADS price fell $15.62 per ADS, or 17.74%, to close at $72.45 per ADS on May 16, 2023.

The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding Sea's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Sea overstated its ability to manage the growth of its user base and loan book while enhancing its profitability; (2) Sea's expansion to a broader user base and growing loan book rendered the company significantly more vulnerable to higher credit losses; (3) as a result, Sea was likely to book a significant increase in loan loss reserves; (4) the foregoing was likely to have a significant negative impact on Sea's earnings; and (5) as a result, Sea's public statements were materially false and misleading at all relevant times.

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.