NEW YORK, Dec. 2, 2020 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors that purchased the American Depositary Receipts ("ADRs") of JOYY Inc. ("JOYY" or the "Company") (NASDAQ: YY) during the period from April 28, 2016 through November 18, 2020, inclusive (the "Class Period").
All investors who purchased the ADRs of JOYY Inc. and incurred losses are urged to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the ADRs of JOYY Inc., you may, no later than January 19, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the ADRs of JOYY Inc.
On November 18, 2020, Muddy Waters Research published a report entitled "YY: You Can't Make This Stuff Up. Well…Actually You Can," alleging that the Company "is a multibillion-dollar fraud." The report concluded "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, JOYY ADRs fell $26.53 per ADR, or 26%, to close at $73.66 per ADR on November 18, 2020.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
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Email: email@example.com, firstname.lastname@example.org or email@example.com
Tel: (800) 575-0735 or (212) 545-4774
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