Levi & Korsinsky, LLP announces that a YY class action lawsuit has been commenced on behalf of investors who purchased Joyy Inc. (YY) securities between April 28, 2016 and November 18, 2020. For more on the Joyy Class Action please contact us today.
According to the Joyy lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) JOYY dramatically overstated its revenues from live streaming sources; (2) The majority of users at any given time were bots; (2) the Company utilized these bots to effect a roundtripping scheme that Manufactured the false appearance of revenues; (3) the Company overstated its cash reserves; (4) the Company’s acquisition of Bigo was largely contrived to benefit corporate insiders; and (5) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
If you suffered a loss in Joyy you have until January 19, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
Fax: (212) 363-7171