Lawsuit filed for Investors in shares of JOYY Inc. (NASDAQ: YY)

An investor, who purchased shares of JOYY Inc. (NASDAQ: YY), filed a lawsuit over alleged violations of Federal Securities Laws by JOYY Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of JOYY Inc. (NASDAQ: YY) have certain options and for certain investors are short and strict deadlines running. Deadline: January 19, 2021. NASDAQ: YY investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On November 18, 2020, a report was published entitled "YY: You Can’t Make This Stuff Up. Well…Actually You Can[.]" The report described a series of issues involving JOYY Inc., stating that the Company "is a multibillion-dollar fraud." Further, the report stated "We conclude that YY’s component businesses are a fraction of the size it reports, and that the company’s reported user metrics, revenues, and cash balances are predominantly fraudulent[,]" and that "[a]pproximately 84% of YY’s reported consolidated revenue appears to be fraudulent."

Shares of JOYY Inc. (NASDAQ: YY) declined from $108.21 per share on November 17, 2020 to as low as $70.30 per share on November 18, 2020.

The plaintiff claims that between April 28, 2016 and November 18, 2020, the defendants made false and/or misleading statements and/or failed to disclose that JOYY dramatically overstated its revenues from live streaming sources, that the majority of users at any given time were bots, that the Company utilized these bots to effect a roundtripping scheme that manufactured the false appearance of revenues, that the Company overstated its cash reserves, that the Company’s acquisition of Bigo was largely contrived to benefit corporate insiders, and that as a result, defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Those who purchased shares of JOYY Inc. (NASDAQ: YY) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.