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LOS ANGELES, Aug. 12, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of YayYo Inc. ("YayYo" or "the Company") (OTCMKTS:YAYO) investors that acquired securities in connection with its initial public offering (“IPO”) on November 14, 2019.
Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.
On or about April 30, 2018, the Company filed with the Securities and Exchange Commission ("SEC") its initial Registration Statement on Form S-1, which, after several amendments which were in response to comments from the SEC, would later be utilized for the IPO. On or about November 12, 2019, the SEC declared the Registration Statement effective and on or about November 14, 2019, YayYo and the Underwriter Defendants priced the IPO and filed the final Prospectus for the IPO with the SEC which forms part of the Registration Statement. The Complaint alleges that the Registration Statement contained untrue statements of material fact that concerned: (i) the ongoing involvement of Ramy El-Batrawi ("El-Batrawi") in the affairs of the Company; (ii) prior to the IPO, the purported sale of El-Batrawi's equity ownership in YayYo; (iii) the "Use of Proceed" from the IPO; (iv) prior to the IPO, YayYo's relationship with Social Reality and it's services given to YayYo. the price of the Company's common stock has plummeted and the stock now trades at less than $0.30 per share as of the filing of the Complaint.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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