NEW YORK, Aug. 20, 2021 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors who purchased or otherwise acquired the American Depositary Receipts (“ADRs”) of Yalla Group Limited (“Yalla” or the “Company”) (NYSE: YALA) from September 30, 2020 through August 9, 2021, inclusive (the “Class Period”).
All investors who purchased the ADRs of Yalla Group Limited and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the ADRs of Yalla Group Limited, you may, no later than October 12, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the ADRs of Yalla Group Limited.
PLEASE CLICK HERE TO JOIN CASE
Yalla Group Limited provides software solutions. The Company offers a platform for online social networking and entertainment activities, primarily serving customers in the United Arab Emirates.
On May 19, 2021, Swan Street Research (“Swan Street”) published a report (the “Swan Street 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 alleged, among other things, that the Company has been inflating its financial metrics, including its user data and its revenue, and characterized Yale’s financial statements as “not credible.”
On this news, the Company’s share price declined by $1.31 per share, or approximately 7.15%, from $18.32 per share to close at $17.01 per share on May 19, 2021.
Subsequently, on May 20, 2021, analyst The Bear Cave issued a report entitled, “Problems at Yalla Group,” and Gotham City Research also tweeted that it was shorting Yalla shares. On this news, the Company’s share price declined by $1.05 per share, or approximately 6.17%, from $17.01 per share to close at $15.96 per share on May 20, 2021.
Then, on August 9, 2021, after the markets closed, Yalla issued a press release entitled, “Yalla Group Limited Announces Unaudited Second Quarter 2021 Financial Results,” announcing its financial results for the second quarter of 2021, disclosing that Yalla had quarterly revenue of $66.62 million, which did not meet analysts’ expectations. On this news, the Company’s share price declined by $2.56 per share, or approximately 19%, from $13.55 per share to close at $10.99 per share on August 10, 2021.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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