ROSEN, A LEADING AND LONGSTANDING FIRM, Announces Investigation of Securities Claims Against JOYY Inc. - YY

Rhea-AI Summary

Rosen Law Firm is investigating potential securities claims on behalf of JOYY shareholders due to allegations of misleading business information. A report by Muddy Waters Research labeled JOYY as a "multibillion-dollar fraud," asserting that approximately 84% of the company’s reported revenue is fraudulent. Following these allegations, JOYY's American depositary shares (ADS) plummeted by 26%, closing at $73.66. The law firm is preparing a securities lawsuit for affected investors.

Positive

• None.

Negative

• Potential securities claims against JOYY could negatively impact investor confidence.
• Muddy Waters Research report alleges 84% of JOYY's reported revenue is fraudulent.
• Stock price fell 26% to $73.66 following the allegations.

NEW YORK, Nov. 19, 2020 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of JOYY Inc. (NASDAQ: YY) resulting from allegations that JOYY may have issued materially misleading business information to the investing public.

On November 18, 2020, Muddy Waters Research published a report entitled "YY: You Can't Make This Stuff Up. Well…Actually You Can[.]" The Muddy Waters report described a series of issues involving JOYY, stating that the Company "is a multibillion-dollar fraud." Further, the Muddy Waters report stated "We conclude that YY's component businesses are a fraction of the size it reports, and that the company's reported user metrics, revenues, and cash balances are predominantly fraudulent[,]" and that "[a]pproximately 84% of YY's reported consolidated revenue appears to be fraudulent."

On this news, the JOYY American depositary share ("ADS") price fell $26.53 per ADS, or 26%, to close at $73.66 per ADS on November 18, 2020.

Rosen Law Firm is preparing a securities lawsuit on behalf of JOYY shareholders. If you purchased securities of JOYY please visit the firm's website at http://www.rosenlegal.com/cases-register-1988.html to join the securities action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or cases@rosenlegal.com.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm's attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      The Rosen Law Firm, P.A.
      275 Madison Avenue, 40^th Floor
      New York, NY 10016
      Tel: (212) 686-1060
      Toll Free: (866) 767-3653
      Fax: (212) 202-3827
      lrosen@rosenlegal.com
      pkim@rosenlegal.com
      cases@rosenlegal.com
      www.rosenlegal.com

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SOURCE Rosen Law Firm, P.A.

FAQ

What allegations are being investigated regarding JOYY Inc. (YY)?

The allegations involve the issuance of materially misleading business information, with claims that approximately 84% of JOYY's reported revenue is fraudulent.

How much did JOYY's stock price fall on November 18, 2020?

JOYY's stock price fell by $26.53, or 26%, closing at $73.66 per ADS on November 18, 2020.

What is the role of Rosen Law Firm in the JOYY investigation?

Rosen Law Firm is investigating potential securities claims on behalf of JOYY shareholders and is preparing a securities lawsuit.

What does the Muddy Waters report say about JOYY?

The Muddy Waters report describes JOYY as a "multibillion-dollar fraud" and claims that the company’s reported user metrics, revenues, and cash balances are predominantly fraudulent.