The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired YayYo, Inc. (“YayYo” or the “Company”) (OTCMKTS: YAYO) securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with YayYo’s November 13, 2019, initial public offering (the “IPO” or “Offering”). Investors have until November 9, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
According to the Complaint, the Company made false and misleading statements to the market. YayYo founder and former CEO El-Batrawi continued to maintain direct and indirect control over the Company, involving himself in its daily business operations, including assisting the underwriters in marketing the Company's IPO. El-Batrawi did not sell his 12,525,000 "Private Shares," maintaining his controlling interest despite NASDAQ's requirement that he control not more than 10% of the Company per its listing agreement. The Company's creditors were promised an arrangement in which they would purchase shares as part of YayYo's IPO, which the Company would then repurchase. The Company planned to fund this repurchase scheme with money from the IPO itself. YayYo owed large amounts of money to credits, including a social media service provider and its own former President, CEO, and Director.
If you acquired YayYo securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.