{"id":414775,"date":"2021-01-14T08:03:29","date_gmt":"2021-01-14T13:03:29","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=414775"},"modified":"2021-01-14T08:03:29","modified_gmt":"2021-01-14T13:03:29","slug":"imminent-shareholder-deadline-joyy-inc-sued-for-violations-of-the-federal-securities-laws-investors-should-contact-block-leviton-llp","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/imminent-shareholder-deadline-joyy-inc-sued-for-violations-of-the-federal-securities-laws-investors-should-contact-block-leviton-llp\/","title":{"rendered":"IMMINENT SHAREHOLDER DEADLINE: JOYY, Inc. Sued for Violations of the Federal Securities Laws; Investors Should Contact Block &amp; Leviton LLP"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">BOSTON, Jan.  14, 2021  (GLOBE NEWSWIRE) &#8212; On November 18, 2020, analyst Muddy Waters announced that it would short JOYY (NASDAQ: YY), calling the Company \u201ca multibillion-dollar fraud.\u201d Muddy Waters wrote that \u201cYY\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 The market was stunned by this report, and as a result, shares of JOYY common stock fell over 26% in just a few hours.<\/p>\n<p align=\"justify\">Muddy Waters\u2019 report continued: \u201cWhile trawling the sewers of the world\u2019s capital markets over the past 10 years, irony has never been in short supply. And yet, nothing could prepare us for the surreality of Baidu announcing its intention to buy YY Live from JOYY, which happened just as we were preparing to reveal that our year-long investigation shows YY Live is about 90% fraudulent. It was clear to us from early on that YY Live was almost entirely fake.\u201d<\/p>\n<p align=\"justify\">A lawsuit alleging violations of federal securities laws has been filed against JOYY and certain of its officers and directors. The lawsuit asserts that JOYY dramatically overstated its revenues from live streaming sources. It further alleges that at any given time, the majority of JOYY\u2019s users were bots, which JOYY used to effect a roundtripping scheme that manufactured the false appearance of revenues. Moreover, the lawsuit asserts that JOYY\u2019s acquisition of Bigo was largely contrived to benefit corporate insiders. The lawsuit was filed in the U.S. District Court for the Central District of California, and is captioned <em>Hershewe v. JOYY Inc., et al.<\/em>, No. 20-cv-10611 (C.D. Cal.).<\/p>\n<p align=\"justify\">If you purchased or acquired shares of JOYY between April 28, 2016 and November 18, 2020 and have questions about your legal rights or possess information relevant to this matter, please contact Block &amp; Leviton attorneys at (617) 398-5600, via email at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=X6_-Vj30Oq0dN50-VPxToSGSruYBJ5FjyCLEaPQu8GcYmkZFlVOYfRNL0LvFbg_bL8TX1E2ChVXQngw40jApdMgcMUurAmAtwfyuebOFjp4=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">cases@blockleviton.com<\/a>, or at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=uijyCDlxoC-rp3hv5DW5kJ0IbtIqCra0zX84q0fT_2x5OhZ2LzpgaHA-W78M_jB0UOMYlN_YLPC5oZEVV0zyuA0JXRoPsBCQs6Vjs7J_RzsB4U1C5gDccG5IFkIUWx940ZO_Lm74W60eoMIIVe-DSQ==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">https:\/\/www.blockleviton.com\/cases\/joyy<\/a><u>.<\/u> The deadline to move the Court to be appointed lead plaintiff is January 19, 2021.<\/p>\n<p align=\"justify\">Block &amp; Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country\u2019s financial markets. The firm represents many of the nation\u2019s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm\u2019s lawyers have recovered billions of dollars for its clients.<\/p>\n<p>This notice may constitute attorney advertising.<\/p>\n<p>CONTACT:<br \/>BLOCK &amp; LEVITON LLP<br \/>260 Franklin St., Suite 1860<br \/>Boston, MA 02110<br \/>Phone: (617) 398-5600<br \/>Email: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=X6_-Vj30Oq0dN50-VPxToSGSruYBJ5FjyCLEaPQu8GelyYn7ugKhzjXHtgYbUd0OMssUbZ44fqcJ5IpfNoGjHirSNziIxNfzQprz__IsWF0=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">cases@blockleviton.com<\/a><br \/>SOURCE: Block &amp; Leviton LLP<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=tVVBmfS9DxWVr2fE5M7f3QmrsnL_BAiRkFofzRITiwGyUrtWNkAEBpCpDjxcB84IZb-LyUPP6ZVpTZ-MiyfEcT3c-jbwSHoIDFU_y5sFYIE=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.blockleviton.com<\/a><\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODEyNTQ5MiMzOTE4MDIxIzIwMTgxMTk=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/ae426621-801a-4fd7-9977-da38a9b8012d\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>BOSTON, Jan. 14, 2021 (GLOBE NEWSWIRE) &#8212; On November 18, 2020, analyst Muddy Waters announced that it would short JOYY (NASDAQ: YY), calling the Company \u201ca multibillion-dollar fraud.\u201d Muddy Waters wrote that \u201cYY\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 The market was stunned by this report, and as a result, shares of JOYY common stock fell over 26% in just a few hours. Muddy Waters\u2019 report continued: \u201cWhile trawling the sewers of the world\u2019s capital markets over the past 10 years, irony has never been in short supply. And yet, nothing could prepare us for the surreality of Baidu announcing its intention &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/imminent-shareholder-deadline-joyy-inc-sued-for-violations-of-the-federal-securities-laws-investors-should-contact-block-leviton-llp\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;IMMINENT SHAREHOLDER DEADLINE: JOYY, Inc. Sued for Violations of the Federal Securities Laws; Investors Should Contact Block &amp; Leviton LLP&#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-414775","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>IMMINENT SHAREHOLDER DEADLINE: JOYY, Inc. Sued for Violations of the Federal Securities Laws; Investors Should Contact Block &amp; Leviton LLP - 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\/imminent-shareholder-deadline-joyy-inc-sued-for-violations-of-the-federal-securities-laws-investors-should-contact-block-leviton-llp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMMINENT SHAREHOLDER DEADLINE: JOYY, Inc. Sued for Violations of the Federal Securities Laws; Investors Should Contact Block &amp; Leviton LLP - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"BOSTON, Jan. 14, 2021 (GLOBE NEWSWIRE) &#8212; On November 18, 2020, analyst Muddy Waters announced that it would short JOYY (NASDAQ: YY), calling the Company \u201ca multibillion-dollar fraud.\u201d Muddy Waters wrote that \u201cYY\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 The market was stunned by this report, and as a result, shares of JOYY common stock fell over 26% in just a few hours. Muddy Waters\u2019 report continued: \u201cWhile trawling the sewers of the world\u2019s capital markets over the past 10 years, irony has never been in short supply. And yet, nothing could prepare us for the surreality of Baidu announcing its intention &hellip; Continue reading &quot;IMMINENT SHAREHOLDER DEADLINE: JOYY, Inc. 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