BOSTON, MA / ACCESSWIRE / November 18, 2020 / On November 18, 2020, analyst Muddy Waters announced that it would short JOYY, Inc. (NASDAQ:YY), calling JOYY "a multibillion-dollar fraud." Muddy Waters wrote 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." The market was stunned by this report, and as a result, shares of JOYY common stock fell over 26% in just a few hours.
Block & Leviton LLP (www.blockleviton.com), a nationally-recognized securities litigation firm, is investigating whether JOYY and certain of its executives may be liable for securities fraud for having issued materially misleading information to the public.
Muddy Waters' report continued: "While trawling the sewers of the world's capital markets over the past 10 years, irony has never been in short supply. And yet, nothing could prepare us for the surreality of Baidu announcing its intention to buy YY Live from JOYY, which happened just as we were preparing to reveal that our year-long investigation shows YY Live is about 90% fraudulent.
It was clear to us from early on that YY Live was almost entirely fake."
Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, is investigating whether JOYY and certain of its executives may be liable for securities fraud. If you purchased or acquired shares of JOYY and have questions about your legal rights or possess information relevant to these investigations, please contact Block & Leviton attorneys at (617) 398-5600, via email at [email protected], or at https://www.blockleviton.com/cases/joyy.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country's financial markets. The firm represents many of the nation's largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm's lawyers have recovered billions of dollars for its clients.
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BLOCK & LEVITON LLP
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Phone: (617) 398-5600
Email: [email protected]
SOURCE: Block & Leviton LLP