{"id":384586,"date":"2020-11-18T18:52:23","date_gmt":"2020-11-18T23:52:23","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=384586"},"modified":"2020-11-18T18:52:23","modified_gmt":"2020-11-18T23:52:23","slug":"joyy-inc-nasdaq-yy-drops-significantly-on-muddy-waters-report-labaton-sucahrow-announces-new-investigation-of-joyy-inc-and-strongly-encourages-investors-with-losses-to-contact-the-firm-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/joyy-inc-nasdaq-yy-drops-significantly-on-muddy-waters-report-labaton-sucahrow-announces-new-investigation-of-joyy-inc-and-strongly-encourages-investors-with-losses-to-contact-the-firm-2\/","title":{"rendered":"JOYY INC (NASDAQ: YY) DROPS SIGNIFICANTLY ON MUDDY WATERS REPORT: Labaton Sucahrow Announces New Investigation of JOYY Inc. and Strongly Encourages Investors With Losses to Contact the Firm"},"content":{"rendered":"<p>        <!--.bwalignl { text-align: left }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignl\"><b>JOYY INC (NASDAQ: YY) DROPS SIGNIFICANTLY ON MUDDY WATERS REPORT: Labaton Sucahrow Announces New Investigation of JOYY Inc. and Strongly Encourages Investors With Losses to Contact the Firm<\/b><\/p>\n<p>NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nLabaton Sucharow LLP, a nationally ranked and award winning investor rights law firm, announces it is developing a proprietary investigation concerning potential securities claims on behalf of shareholders of JOYY INC (NASDAQ: YY) resulting from allegations that YY may have issued materially misleading business information to the investing public.\n<\/p>\n<p>\nOn November 18, 2020, Muddy Waters announced that it is short JOYY (NASDAQ: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.streetinsider.com%2Fstock_lookup.php%3Fq%3DYY&amp;esheet=52331821&amp;newsitemid=20201118006141&amp;lan=en-US&amp;anchor=YY&amp;index=1&amp;md5=16a00849418f38b3e8bfa576f3159abe\">YY<\/a>), calling it fraudulent.\n<\/p>\n<p>\nMuddy Waters report notes: We are short JOYY Inc. (YY) because we conclude that YY is a multibillion-dollar fraud.\n<\/p>\n<p>\nWe conclude that YY\u2019s component businesses are a fraction of the size it reports, and that the company\u2019s reported user metrics, revenues, and cash balances are predominantly fraudulent. Our conclusions apply not only to the legacy YY Live business, but also to Bigo, YY\u2019s online dating business, and really everything these people have touched. Approximately 84% of YY\u2019s reported consolidated revenue appears to be fraudulent. Changing our base case assumptions to more company-favorable \/ conservative assumptions yields consolidated fraudulent revenue of approximately 73%. We have observed three primary methods through which YY commits fraud: o Paying User (\u201cPU\u201d) bots from YY\u2019s own servers \u2013 in our data sample, gifts associated with YY\u2019s own servers, disguised as PUs, constituted roughly half of the total value of all gifts sent. Performers whose gifts are recycled into the system through alter ego PU accounts. We understand that the top performers, who purportedly earn tens of millions of RMB per year, are in fact often-on fixed salaries paying them no more than 2.5 million RMB per year (~$350,000). Channel owners, which manage performers, are part of the scheme. The large channel owners are primarily owned by former YY employees who are clearly \u201cin on\u201d the scam. PRC credit bureau report financial statements for the five largest channel owners show combined 2018 revenue of only ~15% of what YY claims. We conclude that YY Live, Bigo, and YY\u2019s online dating business are substantially fraudulent: We conclude that ~90% of YY Live\u2019s livestreaming revenue is fraudulent. Livestreaming accounts for ~95.8% of purported Q3 2020 YY Live revenue. We conclude that ~80% of YY Live\u2019s online dating revenue is fraudulent. Online dating accounts for ~20% of purported YY Live revenue. o We estimate that ~80% of Bigo revenue is fraudulent. Using more company-favorable assumptions yields a fraudulent revenue contribution of ~60%. Bigo\u2019s Singapore parent changed auditors three times in its first four years. Bigo also received three consecutive going concern opinions from its auditor in 2016-2018. Bigo made a major restatement of its 2017 financials in August of 2019, months after the acquisition by YY was complete.\n<\/p>\n<p>\nThese fact patterns support our conclusion that Bigo is also substantially fraudulent. Page 3 of 71 o Bigo\u2019s rot stems from its inception. YY claims that it purchased Bigo from Chairman David Li. This is a lie that enabled Chairman Li to take at least $156.1 million of real money from YY shareholders and for YY to fraudulently report remeasurement gains in its profits. In reality, YY founded Bigo \u2013 not Chairman Li. o Bigo consolidates a significant amount of revenue from Mainland China. Bigo tacked on a mainland China business Hello that we believe to be almost entirely fake, per our primary diligence and discussions with former Bigo employees. As of Q3 2020, we estimate this overwhelmingly fraudulent PRC unit was still 13.4% of Bigo\u2019s reported revenues. We researched YY\u2019s businesses for more than one year, taking a two-prong approach. The first prong was macro data collection and analysis through automated means of 115.6 million transactions. The second prong was traditional Muddy Waters techniques of reviewing filings and accounts, undercover fieldwork, and human sourcing.\n<\/p>\n<p>\nOn this news, YY is down over 20% on extraordinary volume.\n<\/p>\n<p>\nIf you are a shareholder or option holder that suffered losses in YY, and wish to participate, learn more, or discuss the issues surrounding the investigation, please contact David J. Schwartz using the toll free number (800) 321-0476 or via email at <a rel=\"nofollow\" href=\"mailto:dschwartz@labaton.com\">dschwartz@labaton.com<\/a><\/p>\n<p>\nAbout the Firm\n<\/p>\n<p>\nLabaton Sucharow LLP is one of the world\u2019s leading complex litigation firms representing clients in securities, antitrust, corporate governance and shareholder rights, and consumer cybersecurity and data privacy litigation. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.labaton.com&amp;esheet=52331821&amp;newsitemid=20201118006141&amp;lan=en-US&amp;anchor=www.labaton.com&amp;index=2&amp;md5=11a6d0a67914468482f0614327db4bc4\">www.labaton.com<\/a>.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20201118006141r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20201118006141\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20201118006141\/en\/<\/a><\/span><\/p>\n<p>\nDavid J. Schwartz<br \/>\n<br \/>(800) 321-0476<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:dschwartz@labaton.com\">dschwartz@labaton.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> New York United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Legal Professional Services<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>JOYY INC (NASDAQ: YY) DROPS SIGNIFICANTLY ON MUDDY WATERS REPORT: Labaton Sucahrow Announces New Investigation of JOYY Inc. and Strongly Encourages Investors With Losses to Contact the Firm NEW YORK&#8211;(BUSINESS WIRE)&#8211; Labaton Sucharow LLP, a nationally ranked and award winning investor rights law firm, announces it is developing a proprietary investigation concerning potential securities claims on behalf of shareholders of JOYY INC (NASDAQ: YY) resulting from allegations that YY may have issued materially misleading business information to the investing public. On November 18, 2020, Muddy Waters announced that it is short JOYY (NASDAQ: YY), calling it fraudulent. Muddy Waters report notes: We are short JOYY Inc. (YY) because we conclude that YY is a multibillion-dollar fraud. We conclude that YY\u2019s &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/joyy-inc-nasdaq-yy-drops-significantly-on-muddy-waters-report-labaton-sucahrow-announces-new-investigation-of-joyy-inc-and-strongly-encourages-investors-with-losses-to-contact-the-firm-2\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;JOYY INC (NASDAQ: YY) DROPS SIGNIFICANTLY ON MUDDY WATERS REPORT: Labaton Sucahrow Announces New Investigation of JOYY Inc. and Strongly Encourages Investors With Losses to Contact the Firm&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-384586","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>JOYY INC (NASDAQ: YY) DROPS SIGNIFICANTLY ON MUDDY WATERS REPORT: Labaton Sucahrow Announces New Investigation of JOYY Inc. and Strongly Encourages Investors With Losses to Contact the Firm - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/joyy-inc-nasdaq-yy-drops-significantly-on-muddy-waters-report-labaton-sucahrow-announces-new-investigation-of-joyy-inc-and-strongly-encourages-investors-with-losses-to-contact-the-firm-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JOYY INC (NASDAQ: YY) DROPS SIGNIFICANTLY ON MUDDY WATERS REPORT: Labaton Sucahrow Announces New Investigation of JOYY Inc. and Strongly Encourages Investors With Losses to Contact the Firm - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"JOYY INC (NASDAQ: YY) DROPS SIGNIFICANTLY ON MUDDY WATERS REPORT: Labaton Sucahrow Announces New Investigation of JOYY Inc. and Strongly Encourages Investors With Losses to Contact the Firm NEW YORK&#8211;(BUSINESS WIRE)&#8211; Labaton Sucharow LLP, a nationally ranked and award winning investor rights law firm, announces it is developing a proprietary investigation concerning potential securities claims on behalf of shareholders of JOYY INC (NASDAQ: YY) resulting from allegations that YY may have issued materially misleading business information to the investing public. On November 18, 2020, Muddy Waters announced that it is short JOYY (NASDAQ: YY), calling it fraudulent. Muddy Waters report notes: We are short JOYY Inc. (YY) because we conclude that YY is a multibillion-dollar fraud. We conclude that YY\u2019s &hellip; Continue reading &quot;JOYY INC (NASDAQ: YY) DROPS SIGNIFICANTLY ON MUDDY WATERS REPORT: Labaton Sucahrow Announces New Investigation of JOYY Inc. and Strongly Encourages Investors With Losses to Contact the Firm&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/joyy-inc-nasdaq-yy-drops-significantly-on-muddy-waters-report-labaton-sucahrow-announces-new-investigation-of-joyy-inc-and-strongly-encourages-investors-with-losses-to-contact-the-firm-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-18T23:52:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20201118006141r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/joyy-inc-nasdaq-yy-drops-significantly-on-muddy-waters-report-labaton-sucahrow-announces-new-investigation-of-joyy-inc-and-strongly-encourages-investors-with-losses-to-contact-the-firm-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/joyy-inc-nasdaq-yy-drops-significantly-on-muddy-waters-report-labaton-sucahrow-announces-new-investigation-of-joyy-inc-and-strongly-encourages-investors-with-losses-to-contact-the-firm-2\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"JOYY INC (NASDAQ: YY) DROPS SIGNIFICANTLY ON MUDDY WATERS REPORT: Labaton Sucahrow Announces New Investigation of JOYY Inc. and Strongly Encourages Investors With Losses to Contact the Firm\",\"datePublished\":\"2020-11-18T23:52:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/joyy-inc-nasdaq-yy-drops-significantly-on-muddy-waters-report-labaton-sucahrow-announces-new-investigation-of-joyy-inc-and-strongly-encourages-investors-with-losses-to-contact-the-firm-2\\\/\"},\"wordCount\":824,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/joyy-inc-nasdaq-yy-drops-significantly-on-muddy-waters-report-labaton-sucahrow-announces-new-investigation-of-joyy-inc-and-strongly-encourages-investors-with-losses-to-contact-the-firm-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20201118006141r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/joyy-inc-nasdaq-yy-drops-significantly-on-muddy-waters-report-labaton-sucahrow-announces-new-investigation-of-joyy-inc-and-strongly-encourages-investors-with-losses-to-contact-the-firm-2\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/joyy-inc-nasdaq-yy-drops-significantly-on-muddy-waters-report-labaton-sucahrow-announces-new-investigation-of-joyy-inc-and-strongly-encourages-investors-with-losses-to-contact-the-firm-2\\\/\",\"name\":\"JOYY INC (NASDAQ: YY) DROPS SIGNIFICANTLY ON MUDDY WATERS REPORT: Labaton Sucahrow Announces New Investigation of JOYY Inc. and Strongly Encourages Investors With Losses to Contact the Firm - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/joyy-inc-nasdaq-yy-drops-significantly-on-muddy-waters-report-labaton-sucahrow-announces-new-investigation-of-joyy-inc-and-strongly-encourages-investors-with-losses-to-contact-the-firm-2\/","og_locale":"en_US","og_type":"article","og_title":"JOYY INC (NASDAQ: YY) DROPS SIGNIFICANTLY ON MUDDY WATERS REPORT: Labaton Sucahrow Announces New Investigation of JOYY Inc. and Strongly Encourages Investors With Losses to Contact the Firm - Market Newsdesk","og_description":"JOYY INC (NASDAQ: YY) DROPS SIGNIFICANTLY ON MUDDY WATERS REPORT: Labaton Sucahrow Announces New Investigation of JOYY Inc. and Strongly Encourages Investors With Losses to Contact the Firm NEW YORK&#8211;(BUSINESS WIRE)&#8211; Labaton Sucharow LLP, a nationally ranked and award winning investor rights law firm, announces it is developing a proprietary investigation concerning potential securities claims on behalf of shareholders of JOYY INC (NASDAQ: YY) resulting from allegations that YY may have issued materially misleading business information to the investing public. On November 18, 2020, Muddy Waters announced that it is short JOYY (NASDAQ: YY), calling it fraudulent. Muddy Waters report notes: We are short JOYY Inc. (YY) because we conclude that YY is a multibillion-dollar fraud. 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