NEW YORK, Sept. 19, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Yalla Group Limited ("Yalla" or the "Company") (NYSE: YALA). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Yalla and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 19, 2021, Swan Street Research ("Swan Street") published a report addressing Yalla, entitled "Is Yalla Group a Multi $B Fraud? The 'Clubhouse of the Middle East' UAE Tech Unicorn that Never Was". The Swan Street report alleges, among other things, that the Company inflates its metrics, including revenue, and characteries Yalla's financial statements as "not credible".
On this news, Yalla's American depositary share ("ADS") price fell $1.31 per ADS, or 7.15%, to close at $17.01 per ADS on May 19, 2021.
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.