NEW YORK, June 02, 2021 (GLOBE NEWSWIRE) -- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, is investigating whether Yalla Group Limited (“Yalla” or the “Company”) (NYSE: YALA), or certain of its officers and directors, violated federal securities laws. If you purchased Yalla securities and recently suffered a loss, you are encouraged to contact Scott+Scott attorney Jonathan Zimmerman at (888) 398-9312 or jzimmerman@scott-scott.com for more information.
Yalla claims to be the leading voice-centric social networking and entertainment platform in the Middle East and Northern Africa. Our investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors.
On May 19, 2021, Swan Street Research (“Swan Street”) published a report addressing Yalla, entitled “Is Yalla Group a Multi $B Fraud? The ‘Clubhouse of the Middle East’ UAE Tech Unicorn that Never Was.” The Swan Street report alleges, among other things, that the Company inflates its metrics, including revenue, and characterizes Yalla’s financial statements as “not credible.”
On this news, the price of Yalla American Depositary Shares (“shares”) fell $1.31 per share, or 7.15%, to close at $17.01 per ADS on May 19.
The next day, May 20, 2021, The Bear Cave issued a report entitled, “Problems at Yalla Group,” and Gotham City Research also tweeted that it was short Yalla.
On this news, the price of Yalla shares fell an additional 6% on May 20.
What You Can Do
If you purchased Yalla shares or securities, and you wish to discuss this investigation, please contact attorney Jonathan Zimmerman at 888-398-9312, or at jzimmerman@scott-scott.com.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Virginia, and Ohio.
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CONTACT:
Jonathan Zimmerman
Scott+Scott Attorneys at Law LLP
230 Park Avenue, 17th Floor, New York, NY 10169-1820
(888) 398-9312
jzimmerman@scott-scott.com