NEW YORK, Nov. 24, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of JOYY Inc. ("JOYY" or the "Company") (NASDAQ: YY). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether JOYY and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 18, 2020, Muddy Waters Capital ("Muddy Waters") published a report entitled "YY: You Can't Make this Stuff Up. Well…Actually You Can." The Muddy Waters report described JOYY as "a multibillion-dollar fraud" with "component businesses . . . a fraction of the size it reports, and . . . reported user metrics, revenues, and cash balances [that] are predominantly fraudulent." Citing a "year-long investigation," Muddy Waters concluded that JOYY "is about 90% fraudulent."
On this news, JOYY's American depositary receipt ("ADR") price fell $26.53 per ADR, or 26.48%, to close at $73.66 per ADR on November 18, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP