According to the Complaint, YayYo, Inc. purports to, through its subsidiaries, operate an online peer-to-peer booking platform that rents standard passenger vehicles to self-employed ridesharing drivers and manages a fleet of standard passenger vehicles to be rented directly to drivers in the ridesharing economy.
This is a class action on behalf of persons or entities who purchased or otherwise acquired publicly traded YayYo securities pursuant and/or traceable to the registration statement and related prospectus issued in connection with YayYo’s November 14, 2019 initial public offering, seeking to recover compensable damages caused by Defendants’ violations of the Securities Act of 1933. In November 2019, Defendants held the IPO, issuing approximately 2,625,000 shares to the investing public at $4.00 per share, pursuant to the Registration Statement.
YayYo securities traded on the NASDAQ exchange from the IPO until February 20, 2020 under the ticker symbol “YAYO.” Following its delisting from the NASDAQ exchange, YayYo securities have traded on the OTC Pink market since February 20, 2020 under the ticker symbol “YAYO.”
The Complaint alleges that the Registration Statement featured false and/or misleading statements and/or failed to disclose adverse facts pertaining to the Company's business, operations and prospects, which were known to Defendants or recklessly disregarded by them. As a result, the Complaint alleges Defendants’ statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On November 2, 2020, the Court issued an Order consolidating cases. On December 1, the Court issued an Order appointing Lead Plaintiff and Counsel.