Yalla Group Responds To Swan Street Research's Short Call Report

Yalla Group Ltd 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.