The law firm of Kirby McInerney LLP is investigating potential claims against JOYY, Inc. (“JOYY” or the “Company”) (NASDAQ: YY). The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors.
On November 18, 2020, Muddy Waters Research published a report entitled “YY: You Can't Make This Stuff Up. Well…Actually You Can,” alleging that the Company “is a multibillion-dollar fraud.” The report concluded “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, JOYY American depositary shares ("ADSs") price fell $26.53 per ADS, or 26%, to close at $73.66 per ADS on November 18, 2020.
If you purchased or otherwise acquired JOYY securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.