Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

JOYY INVESTOR ALERT: Hagens Berman, National Trial Attorneys, Encourages JOYY Inc. (YY) Investors with $250k+ Losses to Contact Its Attorneys Now, Securities Fraud Case Filed

SAN FRANCISCO, Nov. 21, 2020 (GLOBE NEWSWIRE) -- Hagens Berman urges JOYY Inc. (NASDAQ: YY) investors with losses in excess of $250,000 to submit your losses now. A securities fraud class action has been filed and certain investors may have valuable claims.

Class Period: Apr. 28, 2016 - Nov. 18, 2020
Lead Plaintiff Deadline: Jan. 19, 2021
Visit: hbsslaw.com/investor-fraud/JOYY
Contact An Attorney Now: JOYY@hbsslaw.com
         844-916-0895

JOYY Inc. (YY) Securities Fraud Class Action:

The complaint alleges that Defendants misrepresented and concealed that: (1) JOYY had dramatically overstated its revenues from live streaming sources; (2) the majority of users at any given time were bots; (3) the Company utilized these bots to effect a round-tripping scheme that manufactured the false appearance of revenues; (4) the Company overstated its cash reserves; and (5) the Company’s recent acquisition of Bigo was largely contrived to benefit corporate insiders, including JOYY’s co-founder, CEO, and Chairman David Xueling Li, who set up Bigo.

Investors began to learn the truth, according to the complaint, on Nov. 18, 2020 when research firm Muddy Waters Capital published a scathing forensic report, “YY: You Can’t Make This Stuff Up. Well…Actually You Can.”   Muddy Waters accused JOYY of (1) being a multibillion-dollar fraud, (2) massively overstating reported revenues by engaging in improper round-tripping transactions, and (3) massively overstating Bigo-related revenues and Bigo’s valuation to secretly enrich Li when JOYY, in March 2019, paid over $1.4 billion for the remaining 68.5% of Bigo that JOYY did not already own.

This news sent the price of JOYY American Depositary Shares crashing lower on Nov. 18, 2020.

“We’re focused on investors’ losses and proving JOYY deceived investors about the Company’s true operations and financial results,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you are a JOYY investor and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding JOYY should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email JOYY@hbsslaw.com.

About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation.   More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact:
Reed Kathrein, 844-916-0895


Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).