NEW YORK, Aug. 15, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of YayYo, Inc. (“YayYo” or the “Company”) (OTCMKTS: YAYO).   Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether YayYo and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

In November 2019, YayYo completed its initial public offering (“IPO”), in which it sold approximately 2.7 million shares of common stock at $4.00 per share. 

On January 24, 2020, YayYo filed an action against the Company’s founder and former Chief Executive Officer, Ramy El-Batrawi, in Los Angeles Superior Court alleging, among other things, that “[d]espite leaving the Company following concerns from NASDAQ regarding his involvement in the day-to-day operations of YayYo in September 2019, [El-Batrawi] has engaged in a continuous course of actions misrepresenting himself as affiliated with, speaking on behalf of, and authorized and empowered by YayYo.  In so doing, [El-Batrawi] has purported to bind the Company to contracts, direct its employees, change its website, and even attempted to sell the Company to its competitors.” 

Then, on February 10, 2020, the Company announced that its Board of Directors had decided to delist YayYo’s common stock from the NASDAQ.  Since the IPO, the Company’s shares have traded as low as $0.30, or approximately 93% below the IPO price.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com