- Yalla Group Ltd (NYSE: YALA) has confirmed short attack reports containing multiple inaccurate and unproven claims regarding the company.
- Yalla’s response is to Swan Street Research’s short call report, which sees the stock at $1-2 per share, implying a 90% downside.
- Short-seller Gotham City Research had compared Yalla to Let’s Gowex and Luckin Coffee in a series of tweets.
- Yalla said that the attacks were meant to cause a stock price decline to benefit the short sellers and harm the public shareholders.
- The short attack reports also depicted the authors’ lack of understanding of the company’s business model, Yalla added.
- Yalla will consider necessary action to protect the company and stakeholders’ interests.
- Yalla has vouched for the accuracy of its audited financial statements and other public disclosure filed with the SEC and investors.
- Price action: YALA shares closed lower by 7.15% at $17.01 on Wednesday.
Erdogan Says Turkey Has Raised Black Sea Natural Gas Reserves Estimate By About A Third
Turkish President Recep Tayyip Erdogan said on Monday the country has raised its estimate of natural gas reserves in the Black Sea by about a third, following an appraisal work at an existing field and a separate discovery.
