Rosen, National Trial Lawyers, Encourages Lossy Yalla Group Limited Investors to Obtain Legal Counsel Before Important Securities Class Action Deadline
New York, New York – (Newsfile Corp. – August 22, 2021) – WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of buyers of securities of Yalla Group Limited (NYSE: YALA) between September 30, 2020 and August 9, 2021 inclusive (the “Class Period”). A class action has already been filed. If you want to serve as the principal applicant, you must move the court no later than October 12, 2021.
SO WHAT: If you purchased securities of Yalla during the Class Period, you may be entitled to compensation without payment of any costs or direct charges under a contingency fee agreement.
WHAT TO DO NEXT: To join the Yalla class action lawsuit, go to http://www.rosenlegal.com/cases-register-1987.html or call Phillip Kim, Esq. toll free at 866-767-3653 or by emailing [email protected] or [email protected] for information on the class action. A class action has already been filed. If you want to serve as the principal applicant, you must move the court no later than October 12, 2021. A principal plaintiff is a representative party acting on behalf of the other members of the class to direct the litigation.
WHY THE ROSEN LAW: We encourage investors to select qualified advisors with a track record of success in leadership roles. Often, companies issuing reviews do not have significant experience, resources or recognition by their peers. Be wise in choosing the right lawyer. Rosen law firm represents investors around the world, focusing its practice on class actions in securities and derivative litigation between shareholders. Rosen law firm has secured the largest securities class action settlement against a Chinese company. Rosen law firm was ranked # 1 by ISS Securities Class Action Services for the number of securities class action settlements in 2017. The firm has been ranked in the top 4 every year since 2013 and has recovered hundreds millions of dollars for investors. In 2019 alone, the company raised more than $ 438 million for investors. In 2020, founding partner Laurence Rosen was appointed by law360 as the Titan of Plaintiffs’ Bar. Many of the firm’s lawyers have been recognized by Lawdragon and Super Lawyers.
CASE DETAILS: According to the lawsuit, the defendants throughout the Class Period made materially false and misleading statements regarding the Company’s business and financial actions. Specifically, the Defendants made false and / or misleading statements regarding, and / or failed to disclose, that the Company overestimated its user metrics and revenues and, therefore, the Company’s public statements were materially false and misleading at all relevant times.
On May 19, 2021, Swan Street Research (“Swan Street”) published a report (the “Swan Street Report”) directed to Yalla entitled “Is Yalla Group a Multi $ B Fraud? The ‘Clubhouse of the Middle East ‘UAE Tech Unicorn who never was. ” The Swan Street report alleged, among other things, that the company had inflated its financial metrics, including user data and revenues, and called Yalla’s financial statements “not credible.” Following this news, Yalla’s stock price fell $ 1.31 per share, or 7.15%, to close at $ 17.01 per share on May 19, 2021.
The next day, May 20, 2021, analyst The Bear Cave released a report titled “Problems of the Yalla Group[.]“Following this news, Yalla’s stock price fell a further 6% on May 20 to close at $ 15.96.
Then, on August 9, 2021, after markets closed, Yalla issued a press release titled “Yalla Group Limited Announces Unaudited Second Quarter 2021 Financial Results”, announcing its financial results for the second quarter of 2021 (“Results of 2Q21 “). 2Q21 results revealed that Yalla had quarterly revenue of $ 66.62 million, which fell short of analysts’ expectations. On this news, Yalla’s stock price fell 18% on August 10, 2021, closing at $ 10.99, down from its previous closing price of $ 13.55.
To join the Yalla class action lawsuit, go to http://www.rosenlegal.com/cases-register-1987.html or call Phillip Kim, Esq. toll free at 866-767-3653 or by emailing [email protected] or [email protected] for information on the class action.
No class has been certified. Until a group is certified, you are not represented by a lawyer unless you hire one. You can choose the lawyer of your choice. You can also remain an absent group member and do nothing at this point. The ability of an investor to participate in any potential future recovery does not depend on whether he or she is a lead applicant.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
Rosen Law Firm, Pennsylvania
275 Madison Avenue, 40th Floor
New York, New York 10016
Phone. : (212) 686-1060
Toll free: (866) 767-3653
Fax: (212) 202-3827
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/93895