{"id":387081,"date":"2020-11-23T15:02:04","date_gmt":"2020-11-23T20:02:04","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=387081"},"modified":"2020-11-23T15:02:04","modified_gmt":"2020-11-23T20:02:04","slug":"glancy-prongay-murray-llp-a-leading-securities-fraud-law-firm-announces-the-filing-of-a-securities-class-action-on-behalf-of-joyy-inc-yy-investors","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-a-leading-securities-fraud-law-firm-announces-the-filing-of-a-securities-class-action-on-behalf-of-joyy-inc-yy-investors\/","title":{"rendered":"Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of JOYY Inc. (YY) Investors"},"content":{"rendered":"

<\/p>\n

Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of JOYY Inc. (YY) Investors<\/b><\/p>\n

LOS ANGELES–(BUSINESS WIRE<\/a>)–Glancy Prongay & Murray LLP<\/a> (\u201cGPM\u201d), 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 JOYY Inc. (\u201cJOYY\u201d or the \u201cCompany\u201d) (NASDAQ: YY<\/a>) securities between April 28, 2016 and November 18, 2020<\/b>, inclusive (the \u201cClass Period\u201d). JOYY investors have until January 19, 2021 <\/b>to file a lead plaintiff motion.\n<\/p>\n

\nIf you suffered a loss on your JOYY 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\/joyy-inc\/<\/a>. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com<\/a> to learn more about your rights.\n<\/p>\n

\nOn November 18, 2020, Muddy Waters Research published a report entitled “YY: You Can’t Make This Stuff Up. Well\u2026Actually You Can,\u201d alleging that the Company “is a multibillion-dollar fraud.” The report concluded \u201cthat 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.”\n<\/p>\n

\nOn 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.\n<\/p>\n

\nThe 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\u2019s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) JOYY dramatically overstated its revenues from live streaming sources; (2) the majority of users at any given time were bots; (3) the Company utilized these bots to effect a roundtripping scheme that manufactured the false appearance of revenues; (4) the Company overstated its cash reserves; (5) the Company\u2019s acquisition of Bigo was largely contrived to benefit corporate insiders; and (6) as a result, Defendants\u2019 public statements were materially false and\/or misleading at all relevant times.\n<\/p>\n

\nFollow us for updates on LinkedIn<\/a>, Twitter<\/a>, or Facebook<\/a>.\n<\/p>\n

\nIf you purchased or otherwise acquired JOYY securities during the Class Period, you may move the Court no later than January 19, 2021 <\/b>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\u202flearn more\u202fabout 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 shareholders@glancylaw.com<\/a>, or visit our website at www.glancylaw.com<\/a>. If you inquire by email please include your mailing address, telephone number and number of shares purchased.\n<\/p>\n

\nThis press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20201123006221\/en\/<\/a><\/span><\/p>\n

\nGlancy Prongay & Murray LLP, Los Angeles
\n
Charles H. Linehan, 310-201-9150 or 888-773-9224
\n
1925 Century Park East, Suite 2100
\n
Los Angeles, CA 90067
\n
www.glancylaw.com
\n<\/a>
shareholders@glancylaw.com<\/a><\/p>\n

KEYWORDS:<\/b> California United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Legal Professional Services<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of JOYY Inc. (YY) Investors LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (\u201cGPM\u201d), 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 JOYY Inc. (\u201cJOYY\u201d or the \u201cCompany\u201d) (NASDAQ: YY) securities between April 28, 2016 and November 18, 2020, inclusive (the \u201cClass Period\u201d). JOYY investors have until January 19, 2021 to file a lead plaintiff motion. If you suffered a loss on your JOYY investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, … <\/p>\n

Continue reading “Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of JOYY Inc. (YY) Investors”<\/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-387081","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nGlancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of JOYY Inc. 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(YY) Investors LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (\u201cGPM\u201d), 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 JOYY Inc. (\u201cJOYY\u201d or the \u201cCompany\u201d) (NASDAQ: YY) securities between April 28, 2016 and November 18, 2020, inclusive (the \u201cClass Period\u201d). JOYY investors have until January 19, 2021 to file a lead plaintiff motion. If you suffered a loss on your JOYY investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, … Continue reading "Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of JOYY Inc. 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