- November 19, 2020
- Posted by: Stratford Team
- Category: Markets
SAN FRANCISCO, Nov. 18, 2020 /PRNewswire/ — Hagens Berman urges JOYY Inc. (NASDAQ: YY) investors with significant losses to submit your losses now. The firm is investigating possible securities law violations and certain investors may have valuable claims.
Relevant Holding Period: Before Nov. 18, 2020
Contact An Attorney Now: JOYY@hbsslaw.com
JOYY Inc. (YY) Investigation:
The investigation centers on the accuracy of JOYY’s public statements concerning its component businesses and financial condition.
More specifically, on Nov. 18, 2020, Muddy Waters Capital published a scathing report, “YY: You Can’t Make This Stuff Up. Well…Actually You Can.”
According to the report, YY is a multibillion-dollar fraud, its component businesses are a fraction of the size it reports, and the company’s user metrics, revenues, and cash balances are mostly fraudulent.
Over the course of a year, Muddy Waters conducted a lengthy forensic study of JOYY and concludes approximately 84% of the company’s consolidated revenue appears fraudulent, and its YY Live, Bigo, and online dating service are substantially fraudulent.
This news sent the price of JOYY American Depositary Shares crashing lower on Nov. 18, 2020.
“We’re focused on investors’ losses and whether JOYY may have misled investors about its operations and financial results,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a JOYY investor and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding JOYY should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email JOYY@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country, and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP