NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Yalla Group Limited (NYSE: YALA) on behalf of Yalla stockholders. Our investigation concerns whether Yalla has violated the federal securities laws and/or engaged in other unlawful business practices.
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On May 19, 2021, Swan Street Research (“Swan Street”) published a report addressing Yalla, entitled “Is Yalla Group a Multi $B Fraud? The ‘Clubhouse of the Middle East’ UAE Tech Unicorn that Never Was”. The Swan Street report alleges, among other things, that the Company inflates its metrics, including revenue, and characteries Yalla's financial statements as “not credible”.
On this news, Yalla's American depositary share (“ADS”) price fell $1.31 per ADS, or 7.15%, to close at $17.01 per ADS on May 19, 2021.
If you purchased or otherwise acquired Yalla shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.