NEW YORK, NY / ACCESSWIRE / November 10, 2020 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Yalla Group Limited("Yalla" or the "Company") (NYSE:YALA). Investors who purchased Yalla securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/yala.
The investigation concerns whether Yalla and certain of its officers and/or directors have violated federal securities laws.
On or around September 30, 2020, Yalla conducted its initial public offering ("IPO"), issuing 18.6 million American depositary shares ("ADSs") priced at $7.50 per ADS. Then, on November 9, 2020, post-market, Yalla issued a press release announcing its unaudited financial results for the third quarter of 2020. Among other results, Yalla reported GAAP EPS of -$0.43, and costs and expenses of "$US64.7 million . . . compared with US$8.6 million in the same period last year." Yalla stated that "[t]he increase was primarily due to the recognition of share-based compensation of US$46.5 million upon our listing on the New York Stock Exchange on September 30, 2020. We granted substantial amount of share options before the IPO but did not recognize any share-based compensation in prior periods because exercisability of the options granted was conditional upon the completion of our IPO. Upon our listing on the NYSE, we immediately recognized a substantial amount of share-based compensation expenses associated with all outstanding options that were vested as of September 30, 2020." On this news, Yalla's ADS price fell $2.01 per ADS, or 17.43%, to close at $9.52 per ADS on November 10, 2020.
If you are aware of any facts relating to this investigation, or purchased Yalla shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/yala. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
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