The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of investors who purchased Joyy Inc. (NASDAQ: YY) securities between April 28, 2016 and November 18, 2020.
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.
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