DEADLINE ALERT: Bragar Eagel & Squire, P.C. Reminds Investors That a Class Action Lawsuit Has Been Filed Against JOYY, Inc. and Encourages Investors to Contact the Firm
NEW YORK–(BUSINESS WIRE) – Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the US District Court for the Central District of California on behalf of investors who bought JOYY, Inc. (NASDAQ: YY) securities between April 28, 2016 and November 18, 2020 (the “Class Period”). Investors have until January 19, 2021 to apply to the court for appointment as the lead plaintiff in the lawsuit.
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On November 18, 2020, while the market was open, Muddy Waters Research released a report claiming that JOYY reported, among other things: (i) fraudulent receipts; (ii) sub-companies that were a fraction of the size reported by it; and (iii) acquired BIGO as part of a fraud that targeted corporate insiders.
In that news, JOYY’s ADRs fell $ 26.53 per share, or 26.4%, to trade at $ 73.66 per share on November 18, 2020.
The complaint filed on November 20, 2020 alleges that the defendants made false and / or misleading statements and / or failed to disclose that: (1) JOYY dramatically overestimated its live streaming source income; (2) The majority of users at any given point were bots. (2) The company used these bots to run a roundtripping program that gave the false impression of revenue. (3) the company has overestimated its cash reserves; (4) The company’s takeover of Bigo was designed largely to benefit corporate insiders. and (5) as a result, the public statements made by the defendants at all relevant times have been materially false and / or misleading.
If you have purchased JOYY securities during the class period and have suffered a loss, have information, want to learn more about these claims, or have questions about this announcement or your rights or interests in relation to these matters, please contact Brandon Walker, Melissa Fortunato or Marion Passmore by emailing email@example.com, by phone at (212) 355-4648, or by completing this contact form. There are no costs or obligations for you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. More information about the company can be found at www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.