FinancialBuzz.com’s latest The Buzz Show: Featuring Our Corporate News Recap on “Joyy Rises 13% After Denying Fraud Allegations”
Joyy (NASDAQ: YY) rebounded over 13% in premarket trading after the company rejected a short-seller’s fraud claim that was responsible for wiping out a quarter of the company’s valuation yesterday.
The fraud allegation from Muddy Waters came days after Baidu announced it was buying Joyy’s domestic livestreaming business, YY Live, for $3.6 billion, but the Company has labeled the report full of “errors, unsubstantiated statements, and misleading conclusions.”
JOYY Inc. is a global social media platform. The Company’s highly engaged users contribute to a vibrant social community by creating, sharing, and enjoying a vast range of entertainment content and activities. JOYY enables users to interact with each other in real time through online live media and offers users a uniquely engaging and immersive entertainment experience. JOYY owns BIGO, a fast-growing global tech company headquartered in Singapore. BIGO owns several popular video based social platforms including Bigo live, a leading global live streaming platform outside China; Likee, a leading global short-form video social platform; and video communication service and others.
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