If you suffered losses exceeding $50,000 investing in JOYY stock or options between April 28, 2016 and November 18, 2020 and would like to discuss your legal rights, click here : www.faruqilaw.com/YY or call Faruqi & Faruqi partner James Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310) .
There is no cost or obligation to you.
NEW YORK, Jan. 19, 2021 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading minority and certified woman-owned national securities law firm, is investigating potential claims against JOYY Inc. (“JOYY” or the “Company”) (NASDAQ:YY) and reminds investors of the January 19, 2021 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) JOYY dramatically overstated its revenues from live streaming sources; (2) the majority of users at any given time were bots; (3) the Company utilized these bots to effect a roundtripping scheme that manufactured the false appearance of revenues; (4) the Company overstated its cash reserves; (5) the Company’s acquisition of Bigo was largely contrived to benefit corporate insiders; (6) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
On November 18, 2020, while the market was open, Muddy Waters Research published a report alleging that JOYY, among other things, had: (1) reported fraudulent revenue; (2) component businesses that were a fraction of the size that it reports; and (3) acquired BIGO as part of a scam that benefitted corporate insiders.
On this news, JOYY’s ADRs fell $26.53 per share, or 26.4%, to close at $73.66 per share on November 18, 2020, damaging investors.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding JOYY’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
877.247.4292
212.983.9330
jwilson@faruqilaw.com
