Press Release: YY : IMMINENT SHAREHOLDER DEADLINE: JOYY, Inc. Sued for Violations of the Federal Securities Laws; Investors Should Contact Block & Leviton LLP

BOSTON, Jan. 14, 2021 (GLOBE NEWSWIRE) -- On November 18, 2020, analyst Muddy Waters announced that it would short JOYY (NASDAQ: YY), calling the Company "a multibillion-dollar fraud." Muddy Waters wrote that "YY's component businesses are a fraction of the size it reports, and that the company's reported user metrics, revenues, and cash balances are predominantly fraudulent." The market was stunned by this report, and as a result, shares of JOYY common stock fell over 26% in just a few hours.