ROSEN, A LEADING AND LONGSTANDING FIRM, Announces Investigation of Securities Claims Against JOYY Inc. - YY
11/19/2020 - 10:38 AM
NEW YORK , Nov. 19, 2020 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of JOYY Inc. (NASDAQ: YY) resulting from allegations that JOYY may have issued materially misleading business information to the investing public.
On November 18, 2020 , Muddy Waters Research published a report entitled "YY: You Can't Make This Stuff Up. Well…Actually You Can[.]" The Muddy Waters report described a series of issues involving JOYY, stating that the Company "is a multibillion-dollar fraud." Further, the Muddy Waters 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."
On this news, the JOYY American depositary share ("ADS") price fell $26.53 per ADS, or 26% , to close at $73.66 per ADS on November 18, 2020 .
Rosen Law Firm is preparing a securities lawsuit on behalf of JOYY shareholders. If you purchased securities of JOYY please visit the firm's website at http://www.rosenlegal.com/cases-register-1988.html to join the securities action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or cases@rosenlegal.com .
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm .
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm's attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Laurence Rosen, Esq. Phillip Kim, Esq. th FloorNew York, NY 10016lrosen@rosenlegal.com pkim@rosenlegal.com cases@rosenlegal.com www.rosenlegal.com
http://www.prnewswire.com/news-releases/rosen-a-leading-and-longstanding-firm-announces-investigation-of-securities-claims-against-joyy-inc--yy-301177358.html
SOURCE Rosen Law Firm, P.A.
YY Rankings
#357 Ranked by Stock Gains
YY Stock Data
Industry
Data Processing, Hosting, and Related Services
Sector
Information
Tags
Technology Services, Internet Software/Services, Information, Data Processing, Hosting, and Related Services
Country
China (Mainland)
City
Guangzhou
About YY
yy inc. is china's leading online social entertainment platform. it engages users through audio, video and text in a wide range of group activities, such as music shows, online game streaming, and dating shows. with its variety of content and superior user experience, yy offers its large social user community a more immersive, interactive, enriching and engaging entertainment experience. founded as an online games web portal in 2005, yy has transformed itself into a multifaceted online social entertainment platform in the past decade. today, it has more than 10m different channels and 117m monthly active users. on average, our users spend approximately 48 hours on yy each month. yy is headquartered in guangzhou, china. it employs more than 3,000 people, mainly in china. it has been listed on nasdaq since november 2012 (nasdaq:yy) and generated us$ 593m revenues and us$173m operating profit in the fiscal year of 2014.
