{"id":405540,"date":"2020-12-24T11:54:07","date_gmt":"2020-12-24T16:54:07","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=405540"},"modified":"2020-12-24T11:54:07","modified_gmt":"2020-12-24T16:54:07","slug":"investor-alert-kirby-mcinerney-llp-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm-before-january-19-2021-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/investor-alert-kirby-mcinerney-llp-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm-before-january-19-2021-2\/","title":{"rendered":"INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against JOYY Inc. and Encourages Investors to Contact the Firm Before January 19, 2021"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">NEW YORK, Dec.  24, 2020  (GLOBE NEWSWIRE) &#8212; The law firm of <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=5Gg2rQjry-eEvF4eMabABP3Qf_45Ht4HDYwpdULpJyo5hGISBBodCHul1mq3CsjcvD9a1cP-Rr3qETFtAKKmEg==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Kirby McInerney LLP<\/a> reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired JOYY Inc. (\u201cJOYY\u201d or the \u201cCompany\u201d) (NASDAQ: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=zEmDem6nNE3gKTF2s67-04KFuO-NYNSYKWvw8QxTmeJgNpE7sIR0v1Re_wlbR3bJVcUKw1IczefQY2cYypVr4hta6XIsYbp44miYDrNm74U=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">YY<\/a>) securities during the period from April 28, 2016 through November 18, 2020, inclusive (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\">On November 18, 2020, Muddy Waters Research published a report entitled \u201cYY: You Can\u2019t Make This Stuff Up. Well\u2026Actually You Can,\u201d alleging that the Company \u201cis a multibillion-dollar fraud.\u201d The report concluded \u201cthat 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[,]\u201d and that \u201c[a]pproximately 84% of YY\u2019s reported consolidated revenue appears to be fraudulent.\u201d On this news, JOYY American depositary shares (\u201cADSs\u201d) price fell $26.53 per ADS, or 26%, to close at $73.66 per ADS on November 18, 2020.<\/p>\n<p align=\"justify\">The complaint 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.<\/p>\n<p align=\"justify\">If you acquired JOYY securities, have information, or would like to learn more about these claims, please contact <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=iGPaI00il3WNU1GEMI4TzQHpdZfw1ioJp9indT5jwjgGrwTEr1lbTQwzDpL_YmWWkSGNMYqCgcIwkH677XcVVCM0jPNZTMGkitZ6P_2gHuw=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Thomas W. Elrod<\/a> of Kirby McInerney at 212-371-6600, by email at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=LwZ9gQjs3PTrwoCHUO7uBEB2CkxoJg4QiY1EmGK4LjuxFVu36Kb1ty9N8UDbtNSmjnQTNXo_sb9m3NlaAsi5YGRTACV0a4f_sGeY3J61oHw=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">investigations@kmllp.com<\/a>, or by filling out <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=eFxdTYPdN0FVUEHPFdtsohrwNach2QCJZhnS2Aru1lV5ulnQm93C5C0Gq7FofAdCOCh6rh6r3Sx1X3fE3DnrXBfLaafh80QZ9O3Cm6lIqws=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">this <\/a><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=jpfTbfmdZDQU9KJe54RVaLbAcCleDjmmojFk921PtOgv2yS_VDvv1OAEsM9CzE__QeqCxBCDXohif2Bcmybxr3XxL93hAPAgUuPkdGWVg8c=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">contact form<\/a><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=CAAguKr6WSMYCADbHcyNKMguybaQHg0i6kX6FdN_RI1TN-8-mYbIbXTG78A10TpsYamvDsar4UtPjFmr_5lOjw==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">,<\/a> to discuss your rights or interests with respect to these matters without any cost to you.<\/p>\n<p align=\"justify\">\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=5Gg2rQjry-eEvF4eMabABFm6mIlOwnhvxdo_pmFKpyDnxr_azv4zgo_6QSPtkwyO1ekGQnevKxlcLZC4IRGJ_Q==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Kirby McInerney<\/a> is a New York-based plaintiffs\u2019 law firm concentrating in securities, antitrust, and whistleblower litigation. The firm\u2019s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney\u2019s website: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=hNblJODYuq2Xz3SzPCfoU61Pyoeu9v78gQOuKhuH4_wNxKKJzAOMpULhDD5XCjFvcTe0e844KMcmopcCpWeiJg==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.kmllp.com<\/a>.<\/p>\n<p align=\"justify\">This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.<\/p>\n<p align=\"justify\">Contacts<\/p>\n<p align=\"justify\">Kirby McInerney LLP<br \/>Thomas W. Elrod, Esq., (212) 371-6600<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=LwZ9gQjs3PTrwoCHUO7uBEB2CkxoJg4QiY1EmGK4LjtlhPEvQeP5vcdlSsv2v21ZccjYw6UCtwHA6HSMEWklplkN7X9BFUVntq6zCQ6xpeg=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">investigations@kmllp.com<\/a><br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=hNblJODYuq2Xz3SzPCfoU-dQIJGgUPVLPVcQUmJe0hoQ-iUK8e7RpAOA7QtmIfaiNxiMzhWKXhrEYHwhxB9AOg==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.kmllp.com<\/a><\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExNzU1OSMzODk2MDk5IzIwMjA2Njk=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/b4ad4235-9a64-4bbd-804b-f6c000d7a3f2\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK, Dec. 24, 2020 (GLOBE NEWSWIRE) &#8212; The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired JOYY Inc. (\u201cJOYY\u201d or the \u201cCompany\u201d) (NASDAQ: YY) securities during the period from April 28, 2016 through November 18, 2020, inclusive (the \u201cClass Period\u201d). Investors have until January 19, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit. On November 18, 2020, Muddy Waters Research published a report entitled \u201cYY: You Can\u2019t Make This Stuff Up. Well\u2026Actually You Can,\u201d alleging that the Company \u201cis a multibillion-dollar fraud.\u201d The report concluded \u201cthat YY\u2019s &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/investor-alert-kirby-mcinerney-llp-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm-before-january-19-2021-2\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against JOYY Inc. and Encourages Investors to Contact the Firm Before January 19, 2021&#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-405540","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against JOYY Inc. and Encourages Investors to Contact the Firm Before January 19, 2021 - 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\/investor-alert-kirby-mcinerney-llp-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm-before-january-19-2021-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against JOYY Inc. and Encourages Investors to Contact the Firm Before January 19, 2021 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NEW YORK, Dec. 24, 2020 (GLOBE NEWSWIRE) &#8212; The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired JOYY Inc. (\u201cJOYY\u201d or the \u201cCompany\u201d) (NASDAQ: YY) securities during the period from April 28, 2016 through November 18, 2020, inclusive (the \u201cClass Period\u201d). Investors have until January 19, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit. On November 18, 2020, Muddy Waters Research published a report entitled \u201cYY: You Can\u2019t Make This Stuff Up. Well\u2026Actually You Can,\u201d alleging that the Company \u201cis a multibillion-dollar fraud.\u201d The report concluded \u201cthat YY\u2019s &hellip; Continue reading &quot;INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against JOYY Inc. and Encourages Investors to Contact the Firm Before January 19, 2021&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/investor-alert-kirby-mcinerney-llp-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm-before-january-19-2021-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-24T16:54:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExNzU1OSMzODk2MDk5IzIwMjA2Njk=\" \/>\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=\"2 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\\\/investor-alert-kirby-mcinerney-llp-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm-before-january-19-2021-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/investor-alert-kirby-mcinerney-llp-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm-before-january-19-2021-2\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against JOYY Inc. and Encourages Investors to Contact the Firm Before January 19, 2021\",\"datePublished\":\"2020-12-24T16:54:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/investor-alert-kirby-mcinerney-llp-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm-before-january-19-2021-2\\\/\"},\"wordCount\":452,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/investor-alert-kirby-mcinerney-llp-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm-before-january-19-2021-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODExNzU1OSMzODk2MDk5IzIwMjA2Njk=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/investor-alert-kirby-mcinerney-llp-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm-before-january-19-2021-2\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/investor-alert-kirby-mcinerney-llp-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm-before-january-19-2021-2\\\/\",\"name\":\"INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against JOYY Inc. and Encourages Investors to Contact the Firm Before January 19, 2021 - 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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\/investor-alert-kirby-mcinerney-llp-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm-before-january-19-2021-2\/","og_locale":"en_US","og_type":"article","og_title":"INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against JOYY Inc. and Encourages Investors to Contact the Firm Before January 19, 2021 - Market Newsdesk","og_description":"NEW YORK, Dec. 24, 2020 (GLOBE NEWSWIRE) &#8212; The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired JOYY Inc. (\u201cJOYY\u201d or the \u201cCompany\u201d) (NASDAQ: YY) securities during the period from April 28, 2016 through November 18, 2020, inclusive (the \u201cClass Period\u201d). Investors have until January 19, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit. On November 18, 2020, Muddy Waters Research published a report entitled \u201cYY: You Can\u2019t Make This Stuff Up. Well\u2026Actually You Can,\u201d alleging that the Company \u201cis a multibillion-dollar fraud.\u201d The report concluded \u201cthat YY\u2019s &hellip; Continue reading \"INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against JOYY Inc. and Encourages Investors to Contact the Firm Before January 19, 2021\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/investor-alert-kirby-mcinerney-llp-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm-before-january-19-2021-2\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-24T16:54:07+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExNzU1OSMzODk2MDk5IzIwMjA2Njk=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/investor-alert-kirby-mcinerney-llp-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm-before-january-19-2021-2\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/investor-alert-kirby-mcinerney-llp-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm-before-january-19-2021-2\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against JOYY Inc. and Encourages Investors to Contact the Firm Before January 19, 2021","datePublished":"2020-12-24T16:54:07+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/investor-alert-kirby-mcinerney-llp-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm-before-january-19-2021-2\/"},"wordCount":452,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/investor-alert-kirby-mcinerney-llp-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm-before-january-19-2021-2\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExNzU1OSMzODk2MDk5IzIwMjA2Njk=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/investor-alert-kirby-mcinerney-llp-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm-before-january-19-2021-2\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/investor-alert-kirby-mcinerney-llp-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-joyy-inc-and-encourages-investors-to-contact-the-firm-before-january-19-2021-2\/","name":"INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against JOYY Inc. and Encourages Investors to Contact the Firm Before January 19, 2021 - 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