Joyy Inc. is a global video-based social media platform with headquarters in Singapore.

According to the Complaint, it is alleged that Defendants made false and/or misleading statements and/or failed to disclose that: (1) JOYY dramatically overstated its revenues from live streaming sources; (2) the majority of users at any given time were bots; (2) the Company utilized these bots to effect a roundtripping scheme that manufactured the false appearance of revenues; (3) the Company overstated its cash reserves; (4) the Company’s acquisition of Bigo was largely contrived to benefit corporate insiders; and (5) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

On February 23, 2021, the Court issued an Order appointing Co-Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on May 12. Defendants filed a Motion to Dismiss the amended Complaint on June 28. On November 5, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

On December 6, 2021, Lead Plaintiffs filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on December 31. On March 9, 2022, the Court granted Defendants' Motion to Dismiss and dismissed the case with prejudice. Lead Plaintiffs filed a notice appealing the Court's Dismissal Order on April 8.

On May 9, 2023, the Court of Appeals affirmed the District Court's ruling.