Press release
Investigation announced for Investors in JOYY Inc. (NASDAQ: YY) over potential Wrongdoing
An investigation on behalf of investors in JOYY Inc. (NASDAQ: YY) shares over potential wrongdoing at JOYY Inc. was announced.
Investors who purchased shares of JOYY Inc. (NASDAQ: YY) 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 concerns whether certain JOYY Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
China based JOYY Inc., through its subsidiaries, operates a social media platform in the People's Republic of China and internationally. On May 31, 2023, JOYY Inc. announced their first quarter 2023 unaudited financial results. The average mobile monthly active users ("MAUs") of Likee decreased by 27.4% to 44.9 million from 61.8 million in the corresponding period of 2022, primarily due to reduced spending on user acquisition via advertisement. The Average mobile MAUs of Hago decreased by 36.5% to 5.9 million from 9.3 million in the corresponding period of 2022, primarily due to reduced spending on user acquisition via advertisement. The net revenue was a reported $583.6 million, compared to $623.8 million in the corresponding period of 2022.
Shares of JOYY Inc. (NASDAQ: YY) declined from $39.00 per share on January 13, 2023 to as low as $24.12 per share on May 31, 2023.
Those who purchased shares of JOYY Inc. (NASDAQ: YY) have certain options and should contact the Shareholders Foundation.
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 lawsuits, 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.
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