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New York, June 2, 2021 (Global News Service) – Pomerantz LLP is investigating claims on behalf of investors of Yalla Group Limited (“Yalla” or “Company”) (NYSE: YALA). It is recommended that such investors contact Robert S. Willoughby newaction@pomlaw.com Or 888-476-6529, ext. 7980.
The investigation involves whether Yalla and some of its officers and/or directors are engaged in securities fraud or other illegal business practices.
[Click here for information about joining the class action]
On May 19, 2021, Swan Street Research (“Swan Street”) published a report against Yalla, entitled “Is Yalla Group a multi-dollar Class B fraud? The’Middle East Club’ UAE technology unicorn from Never existed”. The Swan Street report stated that, among other things, the company exaggerated its metrics, including revenue, and described Yalla’s financial statements as “untrustworthy.”
Affected by this news, on May 19, 2021, the price of Yarra’s American Depositary Shares (“ADS”) fell by US$1.31 per ADS, or 7.15%, to close at US$17.01 per ADS.
Pomerantz has offices in New York, Chicago, Los Angeles, and Paris, and is recognized as one of the leading firms in the field of corporate, securities and antitrust litigation. Pomerantz Firm was founded by the late Abraham L. Pomerantz and is known as the president of the Class Litigation Lawyers Association, setting a precedent in the field of securities class actions. Today, more than 80 years later, Pomerantz continues to follow the tradition he founded to fight for the rights of victims of securities fraud, breach of fiduciary duties, and corporate misconduct. The company has recovered millions of dollars in damages on behalf of its members.Look www.pomerantzlaw.com.
contact:
Robert S. Willoughby
Pomerantz Law Firm
rswilloughby@pomlaw.com
888-476-6529 extension. 7980
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