Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of JOYY Inc. (“JOYY” or the “Company”) (NASDAQ: YY) to determine whether the Company engaged in securities fraud or other unlawful business practices.
On November 18, 2020, Muddy Waters Research published a report, “YY: You Can’t Make This Stuff Up. Well…Actually You Can,” which, among other things, stated that JOYY “is a multibillion-dollar fraud.” The Muddy Waters Research report stated that it “. . . conclude[d] 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.”
On this news, the price of JOYY’s American Depositary Shares (“ADS”) fell $26.53 per ADS, or 26%, to close at $73.66 per ADS on November 18, 2020.
Investors who purchased, or otherwise acquired, the securities of JOYY Inc. and suffered losses greater than $100,000 are encouraged to complete Kehoe Law Firm’s Securities Class Action Questionnaire or contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to discuss the securities investigation or potential legal claims.