Nov 28, 2023
As we near the year's end, the spotlight turns to year-end filings - a vital aspect of investor relations and public relations.
Investors Who Have Lost Money in Their Yalla Group Limited Investment Should Contact Block & Leviton, Who Is Investigating Potential Securities Fraud Claims Against Yalla Group
May 20, 2021 1:06 PM EDT | Source: Block & Leviton LLP
Boston, Massachusetts--(Newsfile Corp. - May 20, 2021) - Block & Leviton LLP announces that the firm is investigating whether Yalla Group Limited (NYSE: YALA) committed securities fraud. Investors who have lost money should contact the firm to learn more about how they might recover those losses. For more details, please visit https://www.blockleviton.com/cases/yala.
What is this all about?
On May 20, 2021, analyst The Bear Cave published a report entitled "Problems at Yalla Group." In its report, The Bear Cave wrote that Yalla Group has "recently faced fraud allegations, which appear substantiated, but have not received proper attention from" the markets. The Bear Cave's report comes the day after Swan Street Research a report on Yalla Group entitled "Is Yalla Group a Multi $B Fraud? The 'Clubhouse of the Middle East' UAE Tech Unicorn that Never Was." In its report, Swan Street wrote that it "harbor[s] deep skepticism of Yalla's reported revenues and cash balance," alleged that "~50% of revenues and ~50% of Yalla's cash balance are likely fictitious," and alleged that "Yalla's financial statements do not reconcile with economic reality and Yalla is a credible de-listing candidate."
Who is eligible?
On this news, Yalla Group's shares have fallen significantly in intraday trading on May 20, 2021. Shares are down approximately 13% from their May 18, 2021 closing price of $18.32, trading well below $16.00 per share on May 20, 2021. Investors who have lost money on their Yalla Group investment - whether or not they have sold that investment - are potentially eligible and should contact Block & Leviton to learn more.
What is Block & Leviton doing?
Block & Leviton is investigating the potential filing of a securities class action lawsuit to attempt to recover losses on behalf of investors who have lost money.
What should you do next?
If you've lost money on your Yalla Group investment, you should contact Block & Leviton to learn more via our case website, by email at cases@blockleviton.com, or by phone at (617) 398-5600.
Why should you contact Block & Leviton?
Many law firms have issued releases about this matter; many of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email cases@blockleviton.com with any questions.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/84692