Law firm Pomerantz, which specializes in the areas of corporate, securities, and antitrust class litigation, has revealed the initiation of a class action lawsuit against live dealer company, Evolution, on grounds of suspected securities fraud.

The lawsuit alleges Evolution's involvement in securities fraud or "other unlawful business practices", with a deadline for motions set for March 25th. Pomerantz aims to investigate any potential misconduct by Evolution during the class period spanning from February 14th, 2019, to October 25th, 2023.

The lawsuit outlines various incidents within the class period that influenced Evolution's stock prices.

From the press release:

On April 27, 2023, Evolution released its financial and operating results for the first quarter of 2023. Among other items, the Company disclosed that Evolution's 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, Evolution's ADS price fell $11.24 per ADS, or 8.23%, over the following four trading sessions, to close at $125.26 per ADS on May 2, 2023.

Finally, on October 26, 2023, Evolution released its financial and operating results for the third quarter of 2023 and held an analyst call to discuss the results. In its quarterly report and on the analyst call, Evolution disclosed that the Company faced delays in opening new studios and that revenues for its RNG and North American business segments did not grow.
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