NEW YORK, Aug. 19, 2021 /PRNewswire/ —
WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Yalla Group Limited (NYSE: YALA) between September 30, 2020 and August 9, 2021, inclusive (the «Class Period»). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 12, 2021.
SO WHAT: If you purchased Yalla securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Yalla class action, go to http://www.rosenlegal.com/cases-register-1987.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email firstname.lastname@example.org or email@example.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 12, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made materially false and misleading statements regarding the Company’s business and financial metrics. Specifically, Defendants made false and/or misleading statements regarding, and/or failed to disclose that the Company overstated its user metrics and revenue and, as a result, the Company’s public statements were materially false and misleading at all relevant times.
On May 19, 2021, Swan Street Research («Swan Street») published a report (the «Swan Street Report») addressing Yalla, entitled «Is Yalla Group a Multi $B Fraud? The ‘Clubhouse of the Middle East‘ UAE Tech Unicorn that Never Was.» The Swan Street Report alleged, among other things, that the Company has been inflating its financial metrics, including its user data and its revenue, and characterized Yalla’s financial statements as «not credible.» On this news, the price of Yalla shares fell $1.31 per share, or 7.15%, to close at $17.01 per share on May 19, 2021.
The next day, May 20, 2021, analyst The Bear Cave issued a report entitled, «Problems at Yalla Group[.]» On this news, the price of Yalla shares fell an additional 6% on May 20 to close at $15.96.
Then, on August 9, 2021, after the markets closed, Yalla issued a press release entitled, «Yalla Group Limited Announces Unaudited Second Quarter 2021 Financial Results,» announcing its financial results for the second quarter of 2021 («2Q21 Results»). The 2Q21 Results disclosed that Yalla had quarterly revenue of $66.62 million, which did not meet analysts’ expectations. On this news, the price of Yalla shares fell 18% on August 10, 2021, closing at $10.99, down from its previous close price of $13.55.
To join the Yalla class action, go to http://www.rosenlegal.com/cases-register-1987.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email firstname.lastname@example.org or email@example.com for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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Attorney Advertising. Prior results do not guarantee a similar outcome.
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
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SOURCE Rosen Law Firm, P.A.