Welcome to the Sea Limited 2023 Securities Litigation Website
The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency and Proposed Settlement of Class Action. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Litigation and Settlement
This website relates to a proposed settlement of a class action lawsuit (“Litigation”) brought by Laborers District Council Construction Industry Pension Fund (“Plaintiff”) against Sea Limited (“Sea” or the “Company”), Forrest Xiaodong Li, Tony Tianyu Hou, Yanjun Wang, Gang Ye, and David Jingye Chen (the “Individual Defendants,” and collectively with Sea, “Defendants”), alleging violations of the federal securities laws by issuing materially false and misleading statements regarding the Company’s Garena (digital entertainment) and Shoppe (e-commerce) business segments during the Class Period. Defendants deny all claims and allegations asserted against them alleged in the Litigation. The Court has not decided in favor of Defendants or the Class. Instead, both sides agreed to a settlement of the Litigation for $46 million in cash (“Settlement”) for the benefit of the Class. On July 1, 2025, the Court will hold a Settlement Hearing to consider final approval of the Settlement and related matters.
If you are a Class Member, you are subject to the Settlement. The Class consists of:
All Persons who purchased or otherwise acquired Sea’s publicly-traded American Depositary Shares ("ADSs") during the period from November 15, 2022 through August 14, 2023, both dates inclusive.
Excluded from the Class are: Defendants, the officers and directors of Sea (at all relevant times), members of their immediate families, and their legal representatives, heirs, successors, or assigns, and any entity in which any Defendant has a controlling interest. Also excluded from the Class are those Persons who would otherwise be a Class Member who properly exclude themselves by submitting a valid and timely request for exclusion.
Please read the Notice to fully understand your rights and options. Copies of the Notice and Claim Form can be found in the Notice and File a Claim tabs at the top of this page.
Payments to eligible claimants will be made only if the Court approves the Settlement and a Plan of Allocation, after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.
| YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT: | |
|---|---|
| SUBMIT A CLAIM FORM | The only way to be eligible to receive a payment from the Settlement. Proofs of Claim must be postmarked or received (if not postmarked) or submitted online on or before June 23, 2025. The Proof of Claim is available on this website. |
| EXCLUDE YOURSELF FROM THE CLASS | Get no payment. This is the only option that potentially allows you to ever be part of any other lawsuit against the Defendants or any other Released Persons about the legal claims being resolved by this Settlement. Should you elect to exclude yourself from the Class, you should understand that Defendants and the other Released Persons will have the right to assert any and all defenses they may have to any claims that you may seek to assert, including, without limitation, the defense that any such claims are untimely under applicable statutes of limitations and statutes of repose. Exclusions must be postmarked or received (if not postmarked) on or before June 10, 2025. |
| OBJECT | Write to the Court about why you do not like the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and expenses. You will still be a Member of the Class. Objections must be received by the Court and counsel on or before June 10, 2025. If you submit a written objection, you may (but do not have to) attend the hearing. |
| GO TO THE HEARING ON JULY 1, 2025 AT 9:30 A.M. | Ask to speak in Court about the fairness of the Settlement. Requests to speak must be received by the Court and counsel on or before June 10, 2025. |
| DO NOTHING | Receive no payment. You will, however, still be a Member of the Class, which means that you give up your right to ever be part of any other lawsuit against the Defendants or any other Released Persons about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the Litigation. |
How do I obtain more information?
Detailed information about the Settlement is contained in the Notice, a copy of which can be found in the menu at the top of this page. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free 877-930-5821, by emailing info@SeaLimited2023SecuritiesLitigation.com or mailing a letter to:
Sea Limited 2023 Securities Litigation
Claims Administrator
c/o JND Legal Administration
PO Box 91130
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.
For More Information
Visit this website often to get the most up-to-date information.
c/o JND Legal Administration
PO Box 91130
Seattle, WA 98111
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