YY - JOYY tumbles 18% as Muddy Waters alleges fraud in live offerings

JOYY (YY) - initially higher yesterday evening after its Q3 earnings - has slipped 18.4% after Muddy Waters has opened up a short report, alleging "massive fraud" at the company and its high-flying Bigo Live unit. "While trawling the sewers of the world’s capital markets over the past 10 years, irony has never been in short supply," the firm says. "And yet, nothing could prepare us for the surreality of Baidu (BIDU) announcing its intention to buy YY Live from JOYY, which happened just as we were preparing to reveal that our year-long investigation shows YY Live is about 90% fraudulent."

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JOYY tumbles 18% as Muddy Waters alleges fraud in live offerings