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New York, New York--(Newsfile Corp. - January 18, 2021) - The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Joyy Inc. (NASDAQ: YY) alleging that the Company violated federal securities laws.
Class Period: April 28, 2016 and November 18, 2020
Lead Plaintiff Deadline: January 19, 2021
Learn more about your recoverable losses in YY:
The filed complaint alleges that Joyy Inc. made materially false and/or misleading statements and/or failed to disclose that: (1) JOYY dramatically overstated its revenues from live streaming sources; (2) The majority of users at any given time were bots; (2) the Company utilized these bots to effect a roundtripping scheme that Manufactured the false appearance of revenues; (3) the Company overstated its cash reserves; (4) the Company's acquisition of Bigo was largely contrived to benefit corporate insiders; and (5) as a result, Defendants' public statements were materially false and/or Misleading at all relevant times.
Shareholders have until January 19, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
For additional information about the YY lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click the link above.
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/72283