San Diego, CA -- (SBWIRE) -- 08/29/2023 -- JOYY Inc. is under investigation over potential securities laws violations in connection with certain financial statements.

Investors who purchased shares of JOYY Inc. (NASDAQ: YY), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on whether a series of statements by JOYY Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

China based JOYY Inc., through its subsidiaries, operates a social media platform in the People's Republic of China and internationally. On May 31, 2023, JOYY Inc. announced their first quarter 2023 unaudited financial results. The average mobile monthly active users ("MAUs") of Likee decreased by 27.4% to 44.9 million from 61.8 million in the corresponding period of 2022, primarily due to reduced spending on user acquisition via advertisement. The Average mobile MAUs of Hago decreased by 36.5% to 5.9 million from 9.3 million in the corresponding period of 2022, primarily due to reduced spending on user acquisition via advertisement. The net revenue was a reported $583.6 million, compared to $623.8 million in the corresponding period of 2022.

Shares of JOYY Inc. (NASDAQ: YY) declined from $39.00 per share on January 13, 2023 to as low as $24.12 per share on May 31, 2023.

Those who purchased shares of JOYY Inc. (NASDAQ: YY) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.