San Diego, CA -- (SBWIRE) -- 08/18/2020 -- An investor, who purchased shares of YayYo, Inc. (OTC: YAYO), filed a lawsuit over alleged violations of Securities Laws by YayYo, Inc. in connection with the Company's initial public offering conducted in November 2019

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

Beverly Hills, CA based YayYo, Inc., through its subsidiaries, engages in developing vehicle rental platform in the United States. 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 IPO Registration Statement featured false and/or misleading statements and/or failed to disclose that Founder and former CEO El-Batrawi continued, directly and/or indirectly, 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 underwriters in marketing YayYo's IPO from Westpark's offices in Los Angeles, that El-Batrawi never sold his 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 certain creditors of YayYo were promised that in exchange with their agreeing to purchase shares in the IPO (in order to permit the underwriters to close the IPO), YayYo would repurchase those shares from them after the IPO using proceeds from the IPO, that the defendants intended to repurchase shares purchased by creditors of YayYo in the IPO using IPO proceeds, that YayYo owed its former President, CEO, and Director a half of million dollars at the time of the IPO, and that YayYo owed Social Reality, Inc. $426,286 in unpaid social media costs, most of which were more than a year overdue and payment had been delayed while YayYo attempted to complete the IPO.

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.