GlobeNewswire Inc | Nov 19, 2020 01:16PM EST

November 19, 2020

PHILADELPHIA, Nov. 19, 2020 (GLOBE NEWSWIRE) -- 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.

INVESTORS WHO PURCHASED, OR OTHERWISE ACQUIRED, THE SECURITIES OF JOYY INC. AND SUFFERED LOSSESGREATER THAN $100,000 ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRMS SECURITIES CLASS ACTION QUESTIONNAIRE OR CONTACT MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, MYARNOFF@KEHOELAWFIRM.COM, SECURITIES@KEHOELAWFIRM.COM, TO DISCUSS THESECURITIES INVESTIGATION OR POTENTIAL LEGAL CLAIMS.

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 JOYYs American Depositary Shares (ADS) fell $26.53 per ADS, or 26%, to close at $73.66 per ADS on November 18, 2020.

Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiffside law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.

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