Simpson Thacher Secures Complete Dismissal of Securities Class Action Filed Against Yalla Group
01.24.22
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Simpson Thacher successfully obtained the complete dismissal of a putative securities class action filed against Yalla Group, a social networking and entertainment platform in the Middle East and North Africa.
The securities class action lawsuit was filed in the United States District Court for the Southern District of New York following short seller reports and a drop in the value of the company’s American Depositary Shares. The complaint alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 based on allegedly false and misleading statements in connection with Yalla’s September 2020 IPO.
After the court appointed lead plaintiffs, Simpson Thacher negotiated the voluntary dismissal with prejudice of all claims by lead plaintiffs.
The Simpson Thacher team included George Wang, Bryan Jin and Stephanie Hon.