The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Joyy Inc. (NASDAQ: YY) who purchased shares between April 28, 2016 and November 18, 2020. The action, which was filed in the United States District Court for the Central District of California, alleges that the Company violated federal securities laws.
In particular, the Joyy lawsuit alleges 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.
Shareholders have until January 19, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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