Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired JOYY Inc. (“JOYY”) (NASDAQ: JOYY) securities between April 28, 2016 and November 18, 2020, inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the company’s business, operations and financial results. Specifically, the complaint alleges that 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 round tripping 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 of the foregoing, Defendants’ public statements were materially false and/or misleading at all relevant times.
Current Status of Case:
On March 10, 2022, the Court granted Defendants’ Motion to Dismiss. This action has concluded.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.