GlobeNewswire Inc | Nov 19, 2020 07:27PM EST

November 20, 2020

NEW YORK, Nov. 19, 2020 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is investigating potential claims against JOYY, Inc. (JOYY or the Company) (NASDAQ: YY). The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors.

On November 18, 2020, Muddy Waters Research published a report entitled YY: You Cant Make This Stuff Up. WellActually You Can, alleging that the Company is a multibillion-dollar fraud. The report concluded that YYs component businesses are a fraction of the size it reports, and that the companys reported user metrics, revenues, and cash balances are predominantly fraudulent[,] and that [a]pproximately 84% of YYs reported consolidated revenue appears to be fraudulent.

On this news, JOYY American depositary shares (ADSs) price fell $26.53 per ADS, or 26%, to close at $73.66 per ADS on November 18, 2020.

If you purchased or otherwise acquired JOYY securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.

Kirby McInerney LLP is a New York-based plaintiffs law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firms efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLPs website: http://www.kmllp.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

ContactsKirby McInerney LLPThomas W. Elrod, Esq.212-371-6600 https://www.kmllp.cominvestigations@kmllp.com