Yalla Group Limited (NYSE:YALA) Investor Notice: Investigation Concerning Possible Wrongdoing

An investigation on behalf of investors in Yalla Group Limited (NYSE:YALA) shares over potential wrongdoing at Yalla Group Limited was announced.


San Diego, CA -- (SBWire) -- 02/08/2021 --Certain directors of Yalla Group Limited are under investigation over potential breaches of fiduciary duties.

Investors who purchased shares of Yalla Group Limited (NYSE: YALA) 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 concerns whether certain Yalla Group Limited directors breached their fiduciary duties and caused damage to the company and its shareholders.

Dubai based Yalla Group Limited operates a voice-centric social networking and entertainment platform under the Yalla name primarily in the Middle East and North Africa region. On or around September 30, 2020, Yalla Group Limited conducted its initial public offering ("IPO"), issuing 18.6 million American depositary shares ("ADSs") priced at $7.50 per ADS.

Then, on November 9, 2020, post-market, Yalla Group Limited announced its unaudited financial results for the third quarter of 2020. Among other results, Yalla Group Limited reported GAAP EPS of -$0.43, and costs and expenses of "$US64.7 million . . . compared with US$8.6 million in the same period last year." Yalla Group Limited stated that "[t]he increase was primarily due to the recognition of share-based compensation of US$46.5 million upon our listing on the New York Stock Exchange on September 30, 2020. We granted a substantial amount of share options before the IPO but did not recognize any share-based compensation in prior periods because the exercisability of the options granted was conditional upon the completion of our IPO. Upon our listing on the NYSE, we immediately recognized a substantial amount of share-based compensation expenses associated with all outstanding options that were vested as of September 30, 2020."

Those who purchased shares of Yalla Group Limited (NYSE: YALA) have certain options and should contact the Shareholders Foundation.

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

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.

Media Relations Contact

Michael Daniels
Shareholders Foundation

View this press release online at: http://rwire.com/1326877