NEW YORK, September 23, 2021 (GLOBE NEWSWIRE) – Pomerantz LLP is investigating claims on behalf of investors in Yalla Group Limited (“Yalla” or the “Company”) (NYSE: YALA). These investors are invited to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The purpose of the investigation is to determine whether Yalla and any of its officers and / or directors have 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”) released a report on Yalla, titled “Is Yalla Group a Multi $ B Fraud? The UAE Tech Unicorn ‘Middle East Clubhouse That Never Was’. The Swan Street report alleges, among other things, that the company is inflating its metrics, including revenues, and calls Yalla’s financial statements “not credible.”
Following this news, the price of Yalla’s US Depository Stock (“ADS”) fell $ 1.31 per ADS, or 7.15%, to close at $ 17.01 per ADS on May 19, 2021 .
Pomerantz, with offices in New York, Chicago, Los Angeles and Paris, is recognized as one of the leading firms in the areas of corporate law, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the Dean of the Class Actions Bar, Pomerantz was a pioneer in the field of securities class actions. Today, more than 80 years later, Pomerantz continues the tradition it established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and corporate misconduct. The firm has recovered numerous multi-million dollar damages on behalf of the members of the group. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext 7980