RADNOR, Pa./ACCESSWIRE/May 4, 2022/ The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) advises investors that a class action securities lawsuit has been filed against PLAYSTUDIOS, Inc. (“PLAYSTUDIOS”) MYPS MYPSW))) f/k/a Acies Acquisition Corp. (“Acies”) ACAC ACACW))). The suit accuses PLAYSTUDIOS of violations of federal securities laws, including omissions and fraudulent misrepresentations regarding the company’s business, operations and prospects. The lawsuit also includes claims relating to a merger transaction with Acies and asserts claims on behalf of investors who held common shares of Acies as of May 25, 2021, were entitled to vote at the special meeting of Acies of June 17, 2021 and who exchanged their shares. Acies shares for PLAYSTUDIOS shares as part of the merger. As a result of PLAYSTUDIOS’ materially misleading statements to the public, PLAYSTUDIOS investors suffered significant losses.
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PRINCIPAL APPLICANT DEADLINE: JUNE 6, 2022
COURSE PERIOD: FROM JUNE 22, 2021 TO MARCH 1, 2022
CONTACT A LAWYER TO DISCUSS YOUR RIGHTS: James Maro, Esq. at (484) 270-1453 or by email at [email protected]
THE CLASS INCLUDES: Investors who (1) purchased or acquired PLAYSTUDIOS securities between June 22, 2021 and March 1, 2022, including, but not limited to, those who purchased or acquired PLAYSTUDIOS securities under the offer of private investment in public shares; (2) held ordinary shares of Acies as of May 25, 2021 and were entitled to vote at the extraordinary meeting of Acies of June 17, 2021 which exchanged their Acies shares for PLAYSTUDIOS shares; or (3) purchased or acquired common stock of PLAYSTUDIOS pursuant to or traceable to Acies’ registration statement and proxy issued in connection with the June 2021 Merger.
Kessler Topaz is one of the world’s foremost advocates for protecting the public from corporate fraud and other wrongdoing. Our securities fraud litigants are consistently individually recognized as leaders in the field and our firm is both feared and respected within the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
ALLEGED PLAYSTUDIOS MISCONDUCT
On February 1, 2021, Acies, a special purpose acquisition company, announced that it had entered into a merger agreement with “Old Playstudios”, a private game company (the “Merger”). PLAYSTUDIOS’ flagship game was Patron of the Kingdom. PLAYSTUDIOS told investors that “Kingdom Boss, whose development began in 2020, will launch as planned in the second half of 2021.”
On June 17, 2021, Acies held a General Meeting during which Acies shareholders were invited to approve
fusion. The merger closed on June 21, 2021, and on June 22, 2021, PLAYSTUDIOS stock and warrants began publicly trading on NASDAQ.
The truth began to be revealed on August 11, 2021, when PLAYSTUDIOS released its financial results for the second quarter of 2021, in which PLAYSTUDIOS revealed for the first time that the Patron of the Kingdom the launch has been postponed until later in the year and investors should expect lower revenue and earnings during the year. These quarterly financial results were closed on June 30, 2021, just nine days after the merger closed. Thus, the defendants knew or recklessly ignored prior to the closing of the merger (June 21, 2021) and prior to the merger vote by Acies shareholders (June 17, 2021), that Kingdom Boss would not be ready to launch in a few weeks. only. . Following this news, PLAYSTUDIOS stock price fell $0.66 to close at $5.09 per share on August 12, 2021, a decline of 13%.
Then, on February 24, 2022, during an earnings call for the fourth quarter ended December 31, 2021, the CEO of PLAYSTUDIOS, much to the surprise of investors, revealed that Patron of the Kingdom would not be launched at all. Following this news, PLAYSTUDIOS stock price fell $0.24 to close at $4.86 per share on February 25, 2022, a decline of 5%. Two days later, on February 26, 2022, the CEO of PLAYSTUDIOS attributed the failure 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.
WHAT CAN I DO?
Current PLAYSTUDIOS investors and/or former shareholders of Acies may, no later than June 6, 2022 seek to be named as the lead class representative plaintiff through Kessler Topaz Meltzer & Check, LLP or another attorney, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages PLAYSTUDIOS investors and/or former Acies shareholders who have suffered significant losses to contact the company directly for more information.
CLICK HERE TO REGISTER FOR THE CASE
WHO CAN BE A PRINCIPAL APPLICANT?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead applicant is usually the investor or small group of investors who have the greatest financial interest and who are also adequate and typical of the proposed category of investors. The lead plaintiff chooses an attorney to represent the lead plaintiff and the class and those attorneys, if approved by the court, are the lead or class attorneys. Your ability to participate in any collection is not affected by whether or not to serve as lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP is filing class actions in state and federal courts nationwide and around the world. The company has developed a worldwide reputation for excellence and has recovered billions of dollars for victims of fraud and other malpractice. All of our work is guided by a common goal: to protect investors, consumers, employees and others from fraud, abuse, corporate and fiduciary misconduct and negligence. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
THE SOURCE: Kessler Topaz Meltzer & Check, LLP
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