The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against JOYY Inc. (YY)
THE ANGEL–(BUSINESS WIRE) – Frank R. Cruz Law Firm is reminding investors of the upcoming January 19, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors JOYY Inc. (“JOYY” or the “Company”).) (NASDAQ: YY) securities between April 28, 2016 and November 18, 2020 inclusive (the “Class Period”).
If you are a shareholder who has suffered a loss, click here to participate.
On November 18, 2020, Muddy Waters Research published a report entitled, “YY: You Can’t Make This Up. Well … Actually, “the company claims,” is a multi-billion dollar scam. The report concluded that “YY’s component businesses are a fraction of the size reported and that the company’s reported user metrics, revenue, and cash balances are mostly fraudulent.”[,]” and the “[a]Approximately 84% of the consolidated earnings reported by YY appear to be fraudulent. ”
In that news, the price of JOYY American Depositary Shares (“ADSs”) fell $ 26.53 per ADS, or 26%, to close at $ 73.66 per ADS on November 18, 2020.
The complaint filed in this class action alleges that throughout the class period, defendants made materially false and / or misleading statements and did not disclose material adverse facts about the company’s business, business and prospects. In particular, Defendants have failed to advise investors that: (1) JOYY has dramatically overstated its income from live streaming sources; (2) The majority of users at any given point were bots. (3) The company used these bots to run a roundtripping program that gave the wrong impression of revenue. (4) the company has overstated its cash reserves; (5) The company’s takeover of Bigo was largely carried out on behalf of corporate insiders. and (6) as a result, Defendants’ public statements at all relevant times have been materially false and / or misleading.
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If you purchased or otherwise acquired JOYY securities during the class period, you may request the court to appoint you as the lead plaintiff in this alleged class action no later than January 19, 2021. To be a member of the class action, you do not need to take any action at this point. You can keep an attorney of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action or have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Frank R. Cruz of the Frank R. Cruz law firms, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067, 310-914-5007, email firstname.lastname@example.org or visit our website at www.frankcruzlaw.com. When inquiring by email, please include your postal address, telephone number and number of shares purchased.
This press release may be viewed as a solicitor advertisement in some jurisdictions under applicable laws and ethical rules.