NEW ORLEANS, May 10, 2024 /PRNewswire/ — Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into PLAYSTUDIOS, Inc. (“Playstudios” or the “Company”) (NasdaqGM: MYPS).
Playstudios is a mobile gaming company that principally develops and markets casino games for mobile devices and personal computers, including slots, blackjack, and bingo. In August 2021, just days after the Company’s merger with Acies Acquisition Corp. was completed, the Company disclosed that the launch of its flagship game, Kingdom Boss, was delayed resulting in decreased revenues and profits during the year. Then, in February 2022, the Company disclosed disappointing financial results for the fourth quarter and year ended December 31, 2021, and that the Kingdom Boss game had been abandoned completely due to “metrics” and vague “performance” issues, resulting in an $8 million write off associated with the game. Then, on May 5, 2022, the Company again disclosed disappointing financial results including revenues of $70.5 million for the first quarter of 2022 compared to $74.1 million for the first quarter of 2021.
Thereafter, the Company and certain of its executives were also sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws. Recently, the court presiding over that case denied the Company’s motion to dismiss in part, allowing the case to move forward.
KSF’s investigation is focusing on whether Playstudios’ officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Playstudios shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-938-0905 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit us at https://www.ksfcounsel.com/cases/nasdaqgm-myps/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.
To learn more about KSF, you may visit ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163
SOURCE Kahn Swick & Foti, LLC
