The Law Offices of Frank R. Cruz Announces Investigation of Evolution AB (EVVTY) on Behalf of Investors

LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of Evolution AB (publ) (“Evolution” or the “Company”) (OTC: EVVTY) on behalf of investors concerning the Company’s possible violations of federal securities laws.


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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 experiences 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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If you purchased Evolution securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

The Law Offices of Frank R. Cruz, Los Angeles

Frank R. Cruz, 310-914-5007

[email protected]
www.frankcruzlaw.com