Sea Limited—Agreed to $46 million settlement over securities fraud allegations regarding Garena and Shopee disclosures
Sea Limited faced a class action lawsuit alleging materially false and misleading statements regarding its Garena (gaming) and Shopee (e-commerce) business segments. The initial complaint was filed July 2023. A $46 million settlement was reached, with court hearing scheduled for July 1, 2025. The company also conducted multiple layoff rounds in 2022-2023, cutting 3% of Shopee Indonesia staff and withdrawing from Argentina, Chile, Colombia, Mexico, France, and India.
Scoring Impact
| Topic | Direction | Relevance | Contribution |
|---|---|---|---|
| Corporate Governance | -against | primary | -1.00 |
| Overall incident score = | -0.147 | ||
Score = avg(topic contributions) × significance (medium ×1) × confidence (0.59)× agency (compelled ×0.25)
Evidence (1 signal)
Agreed to $46 million settlement over securities fraud allegations regarding Garena and Shopee disclosures
Sea Limited faced a class action lawsuit alleging materially false and misleading statements regarding its Garena (gaming) and Shopee (e-commerce) business segments. The initial complaint was filed July 2023. A $46 million settlement was reached, with court hearing scheduled for July 1, 2025. The company also conducted multiple layoff rounds in 2022-2023, cutting 3% of Shopee Indonesia staff and withdrawing from Argentina, Chile, Colombia, Mexico, France, and India.