Investor Notice: Robbins LLP Informs Investors of Class Action Filed Against Evolution AB
SAN DIEGO, Jan. 24, 2024 (GLOBE NEWSWIRE) — Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Evolution AB (OTC: EVVTY) American Depository Shares (ADSs) between February 14, 2019 and October 25, 2023. Evolution is a global online gaming company that develops, produces, markets, licenses, and runs online casino solutions.
According to the complaint, on January 24, 2022, Analyst Alpha Generation Limited released a report on Evolution to certain institutional investors. According to subsequent media coverage, the report stated that (1) a significant portion of Evolution’s revenue could be at risk due to future regulatory clampdowns, and (2) Evolution was exposed to revenues from what we believe to be illegal gambling activities. This news caused Evolution’s ADS price to fall 15% over the following three trading sessions.
Several subsequent events further affected Evolution’s share price. Australia’s gambling regulator requested the blocking of six online gambling sites, with five of them being customers of Evolution. This led to another drop in ADS price. Additionally, the Swedish Administrative Court upheld significant fines imposed on brands operated by ComeOn Group, a subsidiary of Cherry AB, which is a customer of Evolution. The company’s ADS price fell by approximately 11% on this news. Industry participants also lobbied against an overhaul of gambling laws in the UK, contributing to a decline in Evolution’s ADS price.
Evolution released its financial and operating results for the first quarter of 2023, disclosing that revenue from the RNG segment did not grow and that its North American business segment had experienced a low growth rate. This news further impacted Evolution’s ADS price. Finally, in October 2023, Evolution announced delays in opening new studios and revealed that its RNG and North American business segments had not experienced significant growth. As a result, the company’s ADS price fell over the following two trading sessions.
Similarly situated shareholders may be eligible to participate in the class action against Evolution AB. Those interested in taking part as lead plaintiff for the class should contact Robbins LLP. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Shareholders do not have to participate in the case to be eligible for a recovery.
Robbins LLP, a law firm specializing in securities class action litigation, is offering its services to shareholders who have suffered losses. The firm has a proven track record of recovering over $1 billion for shareholders since its establishment in 2002.
Investors who want more information or want to participate in the class action should contact Aaron Dumas, Jr. at Robbins LLP. The law firm operates on a contingency fee basis, meaning shareholders will not have to pay fees or expenses.
For more information, visit the Robbins LLP website or contact Aaron Dumas, Jr. via email or phone. Details can be found at the end of this article.
Disclaimer: This news article is for informational purposes only and does not constitute legal or financial advice. Past results do not guarantee a similar outcome. Shareholders are encouraged to consult with legal professionals to determine their rights and options.
Contact:
Aaron Dumas, Jr.
Robbins LLP
5060 Shoreham Pl., Ste. 300
San Diego, CA 92122
adumas@robbinsllp.com
(800) 350-6003
www.robbinsllp.com
