Press release
Lawsuit filed in the US for Investors who lost money with shares of Evolution AB (publ) (OTC: EVVTY)
A lawsuit was filed on behalf of investors in Evolution AB (publ) (OTC: EVVTY) shares over alleged securities laws violations.
If you purchased a significant amount of shares of Evolution AB (publ) (OTC: EVVTY) between February 14, 2019 and October 25, 2023, you have certain options and for certain investors are short and strict deadlines running. Deadline: March 25, 2024. OTC: EVVTY investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Sweden based Evolution AB (publ) engages in the development, production, marketing, and licensing of live game shows, casinos, and slots solutions to gaming operators in Armenia, Belgium, Canada, Georgia, Latvia, Lithuania, Malta, Romania, Spain, and the United States.
On October 26, 2023, Evolution AB released its third quarter 2023 Report and held an analyst call in relation thereto.
The plaintiff alleges that in the third quarter 2023 Report and on the October 26, 2023 Analyst Call, Defendants revealed a material fact that had been omitted from Evolution's prior disclosure. The plaintiff claims that the Evolution AB omitted that it was facing delays in opening new studios, a factor materially adverse to Evolution's revenues and that the third quarter 2023 Report revealed that Defendants' July 21, 2023 Statements as to RNG Growth and July 21, 2023 Statement as to North American Growth were misleading, because the third quarter 2023 Report contained financial data revealing that, compared to the preceding quarters' revenues, in the third quarter 2023, Evolution's revenue from each of the RNG and the North American segment of its business did not grow.
Shares of Evolution AB (publ) (OTC: EVVTY) declined from $201.76 per share on May 03, 2021, to as $86.26 per share on October 26, 2023.
The plaintiff claims that between February 14, 2019 and October 25, 2023, the defendants made materially false and/or misleading statements regarding Evolution's and Evolution's customers' compliance with governing laws; the effect of non-compliance on Evolution's revenue; and Evolution's predicted growth and growth strategies. From January 24, 2022 to October 26, 2023, a number of disclosures revealed the truth of Evolution's compliance, revenue, and growth, and brought to light the falsities behind Defendants statements, and that as a result, Evolution AB saw a significant change in the value of its share prices, including its American Depository Shares ("ADSs").
Those who purchased shares of Evolution AB (publ) (OTC: EVVTY) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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