NEW YORK, July 25, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of JOYY Inc. ("JOYY" or the "Company") (NYSE: YY). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether JOYY and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 31, 2023, JOYY announced its first quarter 2023 unaudited financial results. The average mobile monthly active users ("MAUs") of JOYY's Likee app decreased by 27.4% to 44.9 million from 61.8 million in the corresponding period of 2022, primarily due to reduced spending on user acquisition via advertisement. Meanwhile, the average mobile MAUs of the Company's Hago app decreased by 36.5% to 5.9 million from 9.3 million in the corresponding period of 2022, primarily due to reduced spending on user acquisition via advertisement. JOYY reported net revenue of $583.6 million, compared to $623.8 million in the corresponding period of 2022.
On this news, JOYY's American Depositary Receipt ("ADR") price fell $2.11 per ADR, or 7.84%, to close at $24.80 per ADR on May 31, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
