JOYY Inc. (YY)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of JOYY Inc. (“JOYY” or the “Company”) (NASDAQ: YY). Investors who purchased JOYY securities are encouraged to obtain additional information and assist the investigation.
The investigation concerns whether JOYY has violated federal securities laws.
On May 31, 2023, JOYY announced its first quarter 2023 unaudited financial results. The average mobile monthly active users (“MAUs”) of JOYY’s Likee app 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. Meanwhile, the average mobile MAUs of the Company’s Hago app 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. JOYY reported net revenue of $583.6 million, compared to $623.8 million in the corresponding period of 2022. On this news, JOYY’s American Depositary Receipt (“ADR”) price fell $2.11 per ADR, or 7.84%, to close at $24.80 per ADR on May 31, 2023.
If you are aware of any facts relating to this investigation or purchased JOYY shares, you can assist this investigation. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
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