NEW YORK--(BUSINESS WIRE)--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, JOYY American depositary shares (“ADSs”) 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 firstname.lastname@example.org or email@example.com.
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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.
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