Case Summary

Evolution AB

OTC BB: EVVTY

Case Details

  • Skolnick v. Evolution AB (publ) et al.
  • Class Period:February 14, 2019 - October 25, 2023
  • Date Filed:January 23, 2024
  • Jurisdiction:U.S. District Court, Eastern District of Pennsylvania
  • Docket Number: 2:24cv00326
  • Lead Plaintiff Deadline: March 25, 2024
Days Left to
Seek Plaintiff
33

Overview

A class action lawsuit has been filed against Evolution AB (publ) (“Evolution” or the “Company”) (OTC BB: EVVTY) and certain of the Company’s current and former senior executive officers alleging violations of the Securities Exchange Act of 1934. The lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired, Evolution’s American Depositary Shares (“ADSs,” also commonly and interchangeably referred to as “American Depositary Receipts” or “ADRs”), between February 14, 2019, and October 25, 2023, while in the United States, both dates inclusive, (the “Class Period”) traded under the ticker symbol EVVTY on the United States Over-the-Counter Market, and investors have until March 25, 2024, to seek appointment as lead plaintiff of the Evolution class action lawsuit.

Evolution AB is a global online gaming company. Evolution develops, produces, markets, licenses, and runs online casino solutions. According to Evolution’s 2022 Annual Report, Evolution is a “truly global company with worldwide operations at scale.” Evolution’s customers are global online casino operators, platform providers, and land-based casinos.

The lawsuit alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the lawsuit alleges that Defendants misled investors by failing to disclose that (1) a significant portion of Evolution’s revenue could be at risk due to future regulatory clampdowns, (2) Evolution was exposed to revenues from what different sources we believe to be illegal gambling activities; and (3) multiple customers of Evolution’s were, or were deemed by regulators to be, unlicensed and/or in breach of the laws of the jurisdictions in which they offer their services.

*            *            *

If you purchased or otherwise acquired Evolution American Depositary Shares (“ADSs,” also commonly and interchangeably referred to as “American Depositary Receipts” or “ADRs”), (OTC BB: EVVTY), between February 14, 2019, and October 25, 2023, while in the United States, both dates inclusive, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Evolution lawsuit is March 25, 2024.

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