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EVGGF.US
id: 1088
Evolution AB (EVVTY, EVGGF) Regulatory Issues Case
E.D. Pennsylvania
Court2:24-cv-00326
Case number14 Feb 2019
Class period Start25 Oct 2023
Class period End23 Mar 2024
Lead Plaintiff motion deadline- $EVGGF investor filed the claim vs. Evolution AB for hiding the regulatory problems of its multiple customers.
- News about biz issues and regulatory setbacks caused $EVVTY to fall ~8%, losing over $800M in shareholder value.
On October 26, 2023, Evolution (OTC: EVVTY, EVGGF) disclosed delays in opening new studios and that its revenues for RNG and North American business segments did not grow.
On this news, $EVVTY ADS fell 7.61% over the next two trading sessions and lost over $800M of its market capitalization, damaging shareholders.
- On January 24, 2022, Analyst Alpha Generation released a report stating that a significant portion of Evolution's revenue "could be at risk due to future regulatory clampdowns," and Evolution was "exposed to revenues from what we believe to be illegal gambling activities." Following the report, $EVGGF fell 14.5%.
- On April 26, 2022, Australia's gambling regulator requested Australian internet service providers block six online gambling sites, the operators of at least five of which were direct or indirect customers of Evolution, alleging that the sites were engaged in illegal gambling.
- On May 4, 2022, the Swedish Administrative Court upheld most of the record Swedish fines of 175 million Swedish Krona that had been imposed on brands operated by ComeOn Group, a subsidiary of Cherry AB (publ), a customer of Evolution's, due to breaches of Swedish online gambling regulations.
- On April 27, 2023, Evolution disclosed that its revenue from the RNG segment of its business did not grow and that its North American business segment had experienced a low growth rate. On this news, $EVVTY fell over 8%.
Considering all the facts, investors have grounds to suspect Evolution AB of hiding its multiple customers were unlicensed or in breach of the laws in certain jurisdictions.
The first affected investor already filed an initial claim vs. Evolution AB in Pensilvennia court.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Depository Securities (ADS, ADR, GDR)
Trade Direction
Long
Shock Event Date
26 October 2023
Filing date
23 January 2024
Lead Plaintiff Deadline
23 March 2024
Judge
Hon. Mia Roberts Perez