BIDU - JOYY (YY) stock surges 14% after the company refutes Muddy Waters report

JOYY (YY) is hitting back at the Muddy Waters short report that accused the company of "massive fraud" in its Bigo Live unit.JOYY says the report "shows its lack of a basic understanding of the live streaming industry in China" and notes that the company's "operating metrics are "commonly used and publicized by its industry peers."Responding to the allegation that JOYY's profit figures are authentic, the company says it is "open to cash verification and diligence to be conducted by competent third-party advisers."JOYY also says its acquisition of Bigo "followed the necessary corporate governance procedures and obtained all requisite approvals."The short report followed Baidu's (BIDU) announcement that it would acquire JOYY's live-streaming business for $3.6B.YY shares are up 13.8% pre-market to $83.81.Previously: LB, YY, BERY and NKLA among premarket gainers (Nov. 19 2020)

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JOYY (YY) stock surges 14% after the company refutes Muddy Waters report