NEW YORK, April 28, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in PLAYSTUDIOS, Inc. (“Playstudios” or the “Company”) MYPS. Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529 ext. 7980.
The investigation focuses on whether Playstudios and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
[Click here for information about joining the class action]
On February 1, 2021, Acies Acquisition Corp., a special purpose acquisition company, announced that it had entered into a merger agreement with Playstudios, a privately held gaming company incorporated under the laws of Delaware (the “Merger”) ). On June 21, 2021, Playstudios announced that it had completed the merger and the company would begin trading on the Nasdaq as “PLAYSTUDIOS, Inc.” June 22, 2021.
On August 11, 2021, Playstudios released its financial results for the second quarter of 2021. The reported financial results for the quarter were finalized on June 30, 2021, just nine days after the merger closed. At that time, Playstudios revealed for the first time that the launch of its flagship game, Patron of the Kingdomhas been postponed until later in the year and investors should expect lower revenue and earnings during the year.
On this news, Playstudios stock price fell $0.66 per share, or 11.48%, to close at $5.09 per share on August 12, 2021.
Then, on February 24, 2022, Playstudios issued a press release summarizing its financial results for the fourth quarter and fiscal year ended December 31, 2021, and held a conference call to discuss the company’s results. During that call, the chief executive of Playstudios attributed the company’s inability to meet revenue and profit forecasts to the failure of the launch Patron of the Kingdomand revealed that Patron of the Kingdom was not only delayed, but “suspended” indefinitely.
On this news, Playstudios stock price fell $0.24 per share, or 4.71%, to close at $4.86 per share on February 25, 2022, and continued to fall to 3 $.90 per share on March 1, 2022, a total decline of 23.53% .
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. To see www.pomlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980