Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against JOYY Inc. (YY)
BENSALEM, Pa., Jan. 15, 2021 (GLOBE NEWSWIRE) – Howard G. Smith’s law firms are reminding investors of the impending trend January 19, 2021 Deadline for filing a lead plaintiff motion in the case filed on behalf of investors who have intervened in JOYY Inc. (“JOYY” or the “Company”) (NASDAQ: YY) securities April 28, 2016 and November 18, 2020including (the “Class Period”).
Investors suffering losses on their JOYY investments are requested to contact the Howard G. Smith law firms to exercise their statutory rights in this class action at 888-638-4847 or email firstname.lastname@example.org to discuss.
On November 18, 2020, Muddy Waters Research published a report entitled “YY: You Can’t Make This Up. Well … Indeed You Can” claiming the company was “a billionaire scam” for the component businesses of YY is a fraction of the reported size, and the user metrics, revenue, and cash balances reported by the company are mostly fraudulent[,]” and the “[a]Approximately 84% of the consolidated earnings reported by YY appear to be fraudulent. “
In the 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.
If you bought or otherwise acquired JOYY securities during the class period, you can move the court at the latest January 19, 2021 ask the court to appoint you as the lead plaintiff if you meet certain legal requirements. 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 lawsuit, or if you have any questions about this announcement or your rights or interests in relation to these matters, please contact Howard G. Smith, Esquire, of the law firms of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by calling (215) 638-4847, toll free at (888) 638-4847, or emailing email@example.com, or visit our website at www.howardsmithlaw .com.
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