{"id":66749,"date":"2024-03-03T00:30:58","date_gmt":"2024-03-03T00:30:58","guid":{"rendered":"https:\/\/pakistaninewspaperlist.com\/news\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-evolution-ab-evvty\/"},"modified":"2024-03-03T00:30:58","modified_gmt":"2024-03-03T00:30:58","slug":"glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-evolution-ab-evvty","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-evolution-ab-evvty\/","title":{"rendered":"Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Evolution AB (EVVTY)"},"content":{"rendered":"
\n

LOS ANGELES, March 01, 2024 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP<\/a> (\u201cGPM\u201d) reminds investors of the upcoming\u00a0March 25, 2024 <\/strong>deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Evolution AB (publ) (\u201cEvolution\u201d or the \u201cCompany\u201d) (OTC: EVVTY<\/a>) American Depositary Shares (\u201cADSs\u201d) between February 14, 2019 and October 25, 2023<\/strong>, inclusive (the \u201cClass Period\u201d).<\/p>\n

If you suffered a loss on your Evolution investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com\/cases\/Evolution-AB\/<\/a>. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com<\/a> to learn more about your rights.<\/p>\n

On January 24, 2022, Analyst Alpha Generation Limited released an analytical report stating that a significant portion of Evolutions revenue \u201ccould be at risk due to future regulatory clampdowns\u201d and that Evolution was \u201cexposed to revenues from . . . illegal gambling activities.\u201d On this news, Evolution\u2019s stock price fell $19.78, or 14.7%, to close at $115.00 per share on January 27, 2022, thereby injuring investors.<\/p>\n

Then, on April 25, 2022, after market hours, the Australian gambling regulator announced that it had requested that Australian internet service providers block six online gambling sites, five of which were customers of Evolution, for engaging in illegal gambling. On this news, Evolution\u2019s stock price fell $6.02, or 6.2%, to close at $90.71 per share on April 26, 2022.<\/p>\n

Then, on May 4, 2022, reports revealed that the Swedish Administrative Court had upheld most of the record Swedish fines of approximately $17.8 million that had been imposed on brands operated by customers of Evolution in relation to breaches of Swedish online gambling regulations. On this news, Evolution\u2019s stock price fell $12.34, or 10.9%, to close at $101.09 per share on May 5, 2022.<\/p>\n

Then, on May 7, 2022, the press reported that industry participants had lobbied the UK government against an overhaul of gambling laws in the UK, revealing the potential threat of a UK gambling law overhaul. On this news, Evolution\u2019s stock price fell $14.84, or 14.5%, over two consecutive trading days, to close at $87.25 per share on May 11, 2022.<\/p>\n

Then, on April 27, 2023, Evolution released its first quarter 2023 financial results, revealing that its revenue from its RNG segment had experiences no growth, while the North American segment had experienced low growth. On this news, Evolution\u2019s stock price fell $10.94 over consecutive trading days to close at $125.56 per share on May 2, 2023.<\/p>\n

Then, on October 26, 2023, Evolution released its third quarter 2023 financial results, disclosing that the Company was facing delays in opening new studios and revealing, once more, no growth in revenue from either the RNG or North American segment. On this news, Evolution\u2019s stock price fell $7.16, or 7.6%, to close at $86.79 per share on October 27, 2023, thereby injuring investors further.<\/p>\n

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company\u2019s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that in \u201callowing play\u201d from certain jurisdictions, multiple customers of Evolution\u2019s were, or were deemed by regulators to be, unlicensed and\/or in breach of the laws of those jurisdictions; (2) that Defendants misrepresented the extent of Evolution\u2019s involvement with regulatorily non-compliant customers; and (3) as a result, Defendants\u2019 positive statements about the Company\u2019s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis at all relevant times.<\/p>\n

Follow us for updates on LinkedIn<\/a>, Twitter<\/a>, or Facebook<\/a>.<\/p>\n

If you purchased or otherwise acquired Evolution ADSs during the Class Period, you may move the Court no later than\u00a0March 25, 2024 <\/strong>to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to\u00a0learn more\u00a0about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com<\/a>, or visit our website at www.glancylaw.com<\/a>. If you inquire by email please include your mailing address, telephone number and number of shares purchased.<\/p>\n

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.<\/p>\n

Contacts <\/strong>
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com<\/a>
www.glancylaw.com<\/a><\/p>\n

\n <\/div>\n","protected":false},"excerpt":{"rendered":"

LOS ANGELES, March 01, 2024 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (\u201cGPM\u201d) reminds investors of the upcoming\u00a0March 25, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Evolution AB (publ) (\u201cEvolution\u201d or the \u201cCompany\u201d) (OTC: EVVTY) American Depositary Shares (\u201cADSs\u201d) 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