Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Evolution AB (EVVTY) on Behalf of Investors

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Evolution AB (publ) (“Evolution” or the “Company”) (OTC: EVVTY) investors concerning the Company’s possible violations of the federal securities laws.

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/. 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 to learn more about your rights.

On January 24, 2022, Analyst Alpha Generation Limited released an analytical report stating that a significant portion of Evolutions revenue “could be at risk due to future regulatory clampdowns” and that Evolution was “exposed to revenues from . . . illegal gambling activities.” On this news, Evolution’s stock price fell $19.78, or 14.7%, to close at $115.00 per share on January 27, 2022, thereby injuring investors.

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’s stock price fell $6.02, or 6.2%, to close at $90.71 per share on April 26, 2022.

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’s stock price fell $12.34, or 10.9%, to close at $101.09 per share on May 5, 2022.

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’s stock price fell $14.84, or 14.5%, over two consecutive trading days, to close at $87.25 per share on May 11, 2022.

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

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’s stock price fell $7.16, or 7.6%, to close at $86.79 per share on October 27, 2023, thereby injuring investors further.

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Whistleblower Notice: Persons with non-public information regarding Evolution should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com.

About GPM

Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.

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Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-201-9150 or 888-773-9224
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
www.glancylaw.com
shareholders@glancylaw.com