On or about April 30, 2018, the company filed with the Securities and Exchange Commission (“SEC”) its initial Registration Statement on Form S-1, which, after several amendments which were in response to comments from the SEC, would later be utilized for the IPO. On or about November 12, 2019, the SEC declared the Registration Statement effective and on or about November 14, 2019, YayYo and the Underwriter Defendants priced the IPO and filed the final Prospectus for the IPO with the SEC which forms part of the Registration Statement. The complaint alleges that the Registration Statement contained untrue statements of material fact that concerned: (i) the ongoing involvement of Ramy El-Batrawi (“El-Batrawi”) in the affairs of the company; (ii) prior to the IPO, the purported sale of El-Batrawi’s equity ownership in YayYo; (iii) the “Use of Proceed” from the IPO; (iv) prior to the IPO, YayYo’s relationship with Social Reality and it’s services given to YayYo. the price of the company’s common stock has plummeted and the stock now trades at less than $0.30 per share as of the filing of the complaint.
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