{"id":388268,"date":"2020-11-24T21:03:10","date_gmt":"2020-11-25T02:03:10","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=388268"},"modified":"2020-11-24T21:03:10","modified_gmt":"2020-11-25T02:03:10","slug":"joyy-alert-bragar-eagel-squire-p-c-announces-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/joyy-alert-bragar-eagel-squire-p-c-announces-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm\/","title":{"rendered":"JOYY ALERT: Bragar Eagel &amp; Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against JOYY, Inc. and Encourages Investors to Contact the Firm"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">NEW YORK, Nov.  24, 2020  (GLOBE NEWSWIRE) &#8212; Bragar Eagel &amp; Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors that purchased JOYY, Inc. (NASDAQ: YY) securities between\u00a0April 28, 2016 and November 18, 2020 (the \u201cClass Period\u201d). Investors have until January 19, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.<\/p>\n<p align=\"justify\">Click <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=wonOuUFCGNirqGZvp69RldSnlqCGIU8TE10qPaJboXR_NVaCcxm5Q5ZZn4i6Jucj9dcshI9GAZNQw7PnIK_9-A==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">here<\/a> to participate in the action.<\/p>\n<p align=\"justify\">On November 18, 2020, while the market was open, Muddy Waters Research published a report alleging that JOYY, among other things, had: (i) reported fraudulent revenue; (ii) component businesses that were a fraction of the size that it reports; and (iii) acquired BIGO as part of a scam that benefitted corporate insiders.<\/p>\n<p align=\"justify\">On this news, JOYY\u2019s ADRs fell $26.53 per share, or 26.4%, to close at $73.66 per share on November 18, 2020.<\/p>\n<p align=\"justify\">The complaint, filed on November 20, 2020, alleges that defendants made 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\u2019s acquisition of Bigo was largely contrived to benefit corporate insiders; and (5) as a result, defendants\u2019 public statements were materially false and\/or misleading at all relevant times.<\/p>\n<p align=\"justify\">If you purchased JOYY securities during the Class Period and suffered a loss, 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 <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=L8CKkPiuy6pKZMbIqHj-xnf44z53106IW3kNYDE8RSYtztykLLTnaCNerxvOE0qyGAjwmvbajgUPKSqAfriGu6egCxCoSki2QrMPyEMFQak=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>investigations@bespc.com<\/u><\/a>, telephone at (212) 355-4648, or by <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Bz79Mv6WkSmtCocSgt6hHOr-AEURWrdZxAi--UUQ0Tn-Kffe0Zpi-Hq4JC8X3EQae70FrWRNJqG9Ac6ph65zl_MiCypVWeV3SE385utn57I=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>filling out this contact form.<\/u><\/a> There is no cost or obligation to you.<\/p>\n<p>\n        <strong>About <\/strong><br \/>\n        <strong>Bragar<\/strong><br \/>\n        <strong>Eagel<\/strong><br \/>\n        <strong> &amp; Squire, P.C.:<\/strong><br \/>\n        <br \/>Bragar Eagel &amp; Squire, P.C. is a nationally recognized law firm with offices in New York and California. 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 <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=MbrAYKYBhNZfae3Hk8rmSv9tkcSLklHAi1rJFoGy84rhGPRsFKjkWBjupPLSchknp0-93ngG2egP0GpwSyAYiw==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.bespc.com<\/a>. Attorney advertising. Prior results do not guarantee similar outcomes.<\/p>\n<p>\n        <strong>Contact Information:<\/strong><br \/>\n        <br \/>Bragar Eagel &amp; Squire, P.C.<br \/>Brandon Walker, Esq.<br \/>Melissa Fortunato, Esq.<br \/>Marion Passmore, Esq.<br \/>(212) 355-4648<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=L8CKkPiuy6pKZMbIqHj-xnf44z53106IW3kNYDE8RSaazI6dmTplMavyElXkhl9AsM0WT1CNhbUb1lasKgPZqk5dc7otDznkgU7mayIZ86g=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">investigations@bespc.com<\/a><br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=MbrAYKYBhNZfae3Hk8rmSiIv3xXc75UTvltlyCBy9xNMCglyA61tX_4qgggJMD1UGLh_9w8d3QdmPakatqVcIw==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.bespc.com<\/a><\/p>\n<p \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5MTc4OCMzODQyODE0IzIxMDAzOTg=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/432f10fc-e3ae-4e2f-8dce-b279629e9453\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK, Nov. 24, 2020 (GLOBE NEWSWIRE) &#8212; Bragar Eagel &amp; Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors that purchased JOYY, Inc. (NASDAQ: YY) securities between\u00a0April 28, 2016 and November 18, 2020 (the \u201cClass Period\u201d). Investors have until January 19, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit. Click here to participate in the action. On November 18, 2020, while the market was open, Muddy Waters Research published a report alleging that JOYY, among other things, had: (i) reported fraudulent revenue; (ii) component businesses that were &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/joyy-alert-bragar-eagel-squire-p-c-announces-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;JOYY ALERT: Bragar Eagel &amp; Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against JOYY, Inc. and Encourages Investors 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-388268","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>JOYY ALERT: Bragar Eagel &amp; Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against JOYY, Inc. and Encourages Investors 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-alert-bragar-eagel-squire-p-c-announces-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JOYY ALERT: Bragar Eagel &amp; Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against JOYY, Inc. and Encourages Investors to Contact the Firm - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NEW YORK, Nov. 24, 2020 (GLOBE NEWSWIRE) &#8212; Bragar Eagel &amp; Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors that purchased JOYY, Inc. (NASDAQ: YY) securities between\u00a0April 28, 2016 and November 18, 2020 (the \u201cClass Period\u201d). Investors have until January 19, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit. Click here to participate in the action. On November 18, 2020, while the market was open, Muddy Waters Research published a report alleging that JOYY, among other things, had: (i) reported fraudulent revenue; (ii) component businesses that were &hellip; Continue reading &quot;JOYY ALERT: Bragar Eagel &amp; Squire, P.C. 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