SAN FRANCISCO, 18th November 2020 / PRNewswire / – Hagens Berman urges JOYY Inc. (NASDAQ: YY) investors with significant losses to file their losses now. The company is investigating possible violations of the Securities Act and certain investors may have valuable claims.
Relevant holding period: Before 18th November 2020
Contact an attorney now: [email protected]
Investigation by JOYY Inc. (YY):
The investigation focuses on the veracity of JOYY’s public statements regarding the business line and financial condition.
More precisely on 18th November 2020, Muddy Waters Capital released a scathing report, “YY: You can’t make this stuff up. Well … actually you can.”
YY is a multi-billion dollar scam, the component stores are a fraction of the reported size, and the company’s user metrics, revenue, and cash balance are largely fraudulent, according to the report.
Over the course of a year, Muddy Waters conducted a lengthy forensic study on JOYY and concluded that approximately 84% of the company’s consolidated sales appear fraudulent and the YY live, bigo, and online dating service is essentially fraudulent.
This news caused the price of JOYY American Depositary Shares to drop further 18th November 2020.
“We are focusing on investor losses and whether JOYY has misled investors about its business and financial results,” he said Reed Kathrein, the Hagens Berman partner who led the investigation.
If you are a JOYY investor and experience significant losses or have knowledge that may aid the company’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Individuals with nonpublic information about JOYY should consider their options to help with the investigation or to use the SEC whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. Call for more information Reed Kathrein at 844-916-0895 or by email [email protected].
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SOURCE Hagens Berman Sobol Shapiro LLP