Playstudios, Inc. Class Action Lawsuit

 
Company Name:          Playstudios, Inc.
Stock Symbol:              MYPS; MYPSW
Class Period:                June 22, 2021 to March 1, 2022
Motion Deadline:         June 6, 2022
Court:                            Northern District of California
Press Release:              Playstudios Class Action Lawsuit Press Release

Investor Who Suffered Losses in Playstudios Stock Files Playstudios Class Action Lawsuit

If you Suffered Losses in Playstudios Stock contact a Playstudios Stock Fraud Lawyer Today

The Playstudios class action lawsuit seeks to represent investors who: (1) purchased Playstudios, Inc. (NASDAQ: MYPS; MYPSW) securities between June 22, 2021 and March 1, 2022, inclusive (the “Class Period”), including, but not limited to, those who purchased or acquired Playstudios securities pursuant to the offering of the private investment in public equity (“PIPE” offering); (2) held common stock of Acies Acquisition Corp. as of May 25, 2021 and were eligible to vote at Acies’ June 16, 2021 special meeting who exchanged their shares of Acies stock for shares of Playstudios stock pursuant to the merger of Acies and Old Playstudios (defined below); and (3) purchased or otherwise acquired Playstudios common stock pursuant to or traceable to Acies’ Registration Statement and Proxy Statement issued in connection with the June 2021 merger.  Commenced on April 5, 2022, the Playstudios stock class action lawsuit – captioned Felipe v. Playstudios, Inc., No. 22-cv-02164 (N.D. Cal.) – charges Playstudios, its CEO, and others with violations of the Securities Act of 1933 and/or Securities Exchange Act of 1934.

​If you suffered losses in Playstudios stock and wish to serve as lead plaintiff of the Playstudios class action lawsuit, please provide your information below.  You can also contact Playstudios Stock Fraud Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at tmiles@timmileslaw.com.  Lead plaintiff motions for the Playstudios class action lawsuit must be filed with the court no later than June 6, 2022. If you have questions, and suffered losses in Playstudios stock, please call ​Playstudios Stock Fraud Lawyer Timothy L. Miles today.

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Allegations in the Playstudios Class Action Lawsuit

Contact a Playstudios Stock Fraud Lawyer to See if You Are Eligible for the Playstudios Class Action Lawsuit

Acies is a “blank check” special purpose acquisition company (“SPAC”) formed in October 2020.  On February 1, 2021, Acies announced that it had reached a merger agreement with Playstudios, a privately-held gaming company (“Old Playstudios”).  In the press release announcing the merger, Playstudios announced that the transaction implied an enterprise valuation for Playstudios of $1.1 billion and that the consideration to Old Playstudios shareholders for the merger would comprise at least 89.1 million shares of Acies common stock, worth $10 per share, up to $150 million in cash, and a $250 million investment PIPE of common stock of Acies.

The Playstudios class action lawsuit alleges that Playstudios made misleading statements and omissions regarding the true state of Playstudios’ development of its flagship game Kingdom Boss and about its financial projections and future prospects in the Registration Statement and Proxy Statement and subsequent statements.  The projections were expressly premised on a successful and timely launch of Kingdom Boss.  For example, in the Registration Statement and Proxy Statement, Playstudios told investors that “Kingdom Boss, which began development in 2020, will launch as expected in the second half of 2021.”  The Playstudios class action lawsuit further alleges that, at the same time the projections of revenue and profits were being publicly made, Playstudios knew that Kingdom Boss had encountered difficulties in its design and implementation that would cause the launch to be substantially delayed.

On August 11, 2021, Playstudios revealed for the first time that the Kingdom Boss launch was being delayed until later in the year and investors should expect decreased revenues and profits during the year as a result.  On this news, Playstudios’ stock price declined by approximately 13%.

Then, on February 24, 2022, Playstudios’ CEO, defendant Andrew Pascal, disclosed that Kingdom Boss would not be launched at all: “As I’ve shared, [Kingdom Boss] has struggled to achieve all the criteria that were established for a full-scale launch even after making the game available in North America late in the fourth quarter.  And while Boss Fight [the developer] has consistently assured us that based on their experience, the product is on a constructive path, currently, we’ve elected to suspend development and reevaluate our options.”  On this news, Playstudios’ stock price fell by approximately 5%, and as a result Bumble shareholders auffered losses in Bumblew Stock,.
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Since the merger, and as a result of the disclosures of material adverse facts omitted from the Registration Statement, Playstudios’ stock price has traded approximately 60% below the $10 per share price upon the closing of the merger, further damaging investors who suffered losses in Playstudios stock.  If you suffered losses in Playstudios stock, contact Playstudios Stock Fraud Lawyer Timothy L. Miles today.

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The Lead Plaintiff Process

Contact a Playstudios Stock Fraud Lawyer Today If you suffered losses in Playstudios stock, you may be eligible for the Playstudios Class Action Oawsuit

The Private Securities Litigation Reform Act of 1995 permits any investor who: (1) purchased Playstudios securities during the Class Period; (2) held common stock of Acies as of May 25, 2021 and was eligible to vote at Acies’ June 16, 2021 special meeting who exchanged its shares of Acies stock for shares of Playstudios stock pursuant to the merger; and (3) purchased or otherwise acquired Playstudios common stock pursuant to or traceable to Acies’ Registration Statement and Proxy Statement issued in connection with the June 2021 merger to seek appointment as lead plaintiff in the Playstudios class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the class action lawsuit.  An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.  If you have questions, and suffered losses in Playstudios stock, contact Playstudios Stock Fraud Lawyer Timothy L. Miles today.

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How Can a Playstudios Stock Fraud Lawyer Help Me?

A Playstudios Stock Fraud Lawyer is well-versed in the complex laws that govern the securities industry and litigation.  A Playstudios Stock Fraud Lawyer focuses on representing individual investors or funds who have been the victims of fraud or who have disputes with investment professionals.  Ordinary individual investors, including civil servants, teachers, nurses, and retirees, may need a securities lawyer. In most cases, if they have lost money due to mistakes, incompetence, or fraud by an investment professional.  While FINRA, the SEC, and state securities regulators serve a vital role in protecting investors, they simply have too many individuals, firms, and market transactions to monitor to discovery every act of fraud or negligence. Individual investors should consult with a securities lawyer if they have lost money due to fraud or stockbroker misconduct, such as a Playstudios Stock Fraud Lawyer who will work to recover the losses you sustained.  For additional information and questions, contact Playstudios Stock Fraud Lawyer Timothy L. Miles today.​

Contact a Playstudios Stock Fraud Lawyer Today If You Suffered Losses in Playstudios Stock

​If you suffered losses in Playstudios stock, contact Playstudios Stock Fraud Lawyer Timothy  L. Miles today and see what a ​Playstudios Stock Fraud Lawyer can do for you. 

If You Suffered Losses in Playstudios Stock, contact a Playstudios Stock Fraud Lawyer about a Playstudios Class Action Lawsuit

ATTENTION: PLAYSTUDIOS CLASS ACTION LAWSUIT
If you suffered losses in Playstudios stock, call a Playstudios Stock Fraud Lawyer​
​for free about a Playstudios class action lawsuit today. We are here to help.

Playstudios Stock Fraud Lawyer​
 (855) Tim-MLaw (855-846-6529)
​tmiles@timmileslaw.com 
Contact a Playstudios Stock Fraud Lawyer about a Playstudios class action lawsuit today.

FREE CASE EVALUATION
Call today for a free, no obligation case evaluation with a Playstudios Stock Fraud Lawyer if you suffered losses in Playstudios stock.