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  "documentTitle": "Joyy Inc. (YY)",
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      "text": "We believe YY's 2010 buyout of Bigo for $1.45 billion in cash and stock was a scheme to bilk investors by buying another fraudulent company from the chairman.",
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      "text": "First, we found widespread use of bots at Bigo... Second, as with YY Live, Bigo runs a fictitious, circular economy... Third, the entire business has been geared at benefiting a small coterie of insiders...",
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      "text": "We believe that Bigo was set up to scam investors from inception. Since 2015, management has been misleading investors, telling the public that David Li set up and controls Bigo.",
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      "text": "In October 2014, we entered into an agreement to inject our free voice- over IP service, Weihui, into Bigo Technology Pte. Limited, or Bigo, a company set up and controlled by our chief executive officer, Mr. David Xueling Li. Following two independent third- party valuation assessments and a capital injection from other investors of Bigo, including Mr. Li, we retained a 27.8% ownership stake in Bigo. — YY 2014 20-F",
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      "text": "71 YY, 6-K, March 4, 2019... 72 YY 2014 20-F... 73 Lawyers can debate whether it is a lie of omission or a lie of commission...",
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      "kind": "title",
      "text": "The Bigo Acquisition Was a Multiyear, Multilevel Scam Benefiting YY Insiders",
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