Investigation announced for Investors in shares of Yalla Group Limited (NYSE: YALA)

An investigation was announced concerning potential securities laws violations by Yalla Group Limited in connection with certain financial statements.

Investors who purchased shares of Yalla Group Limited (NYSE: YALA), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on whether a series of statements by Yalla Group Limited regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Dubai based Yalla Group Limited operates a voice-centric social networking and entertainment platform under the Yalla name primarily in the Middle East and North Africa region. On or around September 30, 2020, Yalla Group Limited conducted its initial public offering ("IPO"), issuing 18.6 million American depositary shares ("ADSs") priced at $7.50 per ADS.

Then, on November 9, 2020, post-market, Yalla Group Limited announced its unaudited financial results for the third quarter of 2020. Among other results, Yalla Group Limited reported GAAP EPS of -$0.43, and costs and expenses of "$US64.7 million . . . compared with US$8.6 million in the same period last year." Yalla Group Limited stated that "[t]he increase was primarily due to the recognition of share-based compensation of US$46.5 million upon our listing on the New York Stock Exchange on September 30, 2020. We granted a substantial amount of share options before the IPO but did not recognize any share-based compensation in prior periods because the exercisability of the options granted was conditional upon the completion of our IPO. Upon our listing on the NYSE, we immediately recognized a substantial amount of share-based compensation expenses associated with all outstanding options that were vested as of September 30, 2020."

Shares of Yalla Group Limited (NYSE: YALA) closed on November 30, 2020 at $15.41 per share.

Those who purchased shares of Yalla Group Limited (NYSE: YALA) 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.