San Diego, CA -- (SBWIRE) -- 10/09/2020 -- An investor, who purchased shares of YayYo, Inc. (OTC: YAYO), filed a lawsuit over alleged violations of Federal Securities Laws by YayYo, Inc. in connection with with YayYo's November 2019 initial public offering (the "IPO").

Investors who purchased shares of YayYo, Inc. (OTC: YAYO) have certain options and for certain investors are short and strict deadlines running. Deadline: November 9, 2020. OTC: YAYO investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On or about November 14, 2019, YayYo, Inc. sold about 2.6 million shares of stock in its initial public stock offering (the "IPO"), at $4.00 a share raising nearly $ 10.5 million in new capital. However, since the IPO, YayYo, Inc. shares declined to as low as $0.20 per share on July 08, 2020.

The plaintiff claims that the Registration Statement featured false and/or misleading statements and/or failed to disclose that the defendant El-Batrawi continued to exercise supervision, authority, and control over YayYo, and was intimately involved, on a day-to-day basis, with the business, operations, and finances of the Company, including assisting the Underwriter Defendants in marketing YayYo's IPO, that the defendant El-Batrawi never sold the 12,525,000 "Private Shares" and continued to own a controlling interest in YayYo despite the NASDAQ's insistence that he retain less than a 10% equity ownership interest in connection with the listing agreement, that the defendants promised certain creditors of YayYo that in exchange to their agreeing to purchase shares in the IPO – in order to permit the Underwriter defendants to close the IPO – YayYo would repurchase those shares after the IPO, tha the defendants intended to repurchase shares purchased by creditors of YayYo in the IPO using IPO proceeds, that the YayYo owed its former President, CEO, and Director a half of million dollars at the time of the IPO, that the YayYo owed SRAX, Inc. (formerly Social Reality, Inc.) $426,286 in unpaid social media costs, most of which was more than a year overdue as payment had been delayed while YayYo attempted to complete its IPO, and that as a result, defendants' statements about the Company's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Those who purchased shares of YayYo, Inc. (OTC: YAYO) 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 Shareholders Foundation, Inc.
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.