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LOS ANGELES, September 03, 2021--(BUSINESS WIRE)--Glancy Prongay & Murray LLP ("GPM"), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Yalla Group Limited ("Yalla" or the "Company") (NYSE: YALA) American Depository Shares ("ADSs" or "shares") between September 30, 2020 and August 9, 2021, inclusive (the "Class Period"). Yalla investors have until October 12, 2021 to file a lead plaintiff motion.
If you suffered a loss on your Yalla investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/yalla-group-limited/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at email@example.com to learn more about your rights.
On May 19, 2021, Swan Street Research published a report alleging, among other things, that Yalla inflated its financial metrics, including its user data and its revenue, and characterized Yalla’s financial statements as "not credible."
On this news, the Company’s share price fell $1.31, or 7%, to close at $17.01 per share on May 19, 2021.
Then, on May 20, 2021, The Bear Cave published a report and Gotham City Research tweeted that it was shorting Yalla.
On this news, the Company’s share price fell 6% to close at $15.96 per share on May 20, 2021.
Then, on August 9, 2021, after the market closed, Yalla announced its second quarter 2021 financial results, reporting revenue of $66.62 million, which fell below analysts’ expectations.
On this news, the Company’s share price fell approximately 19% to close at $10.99 per share on August 10, 2021.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company overstated its user metrics and revenue; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Yalla ADSs during the Class Period, you may move the Court no later than October 12, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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