Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who: (1) purchased Playstudios, Inc. (“Playstudios” or the “Company”) (NASDAQ: MYPS) securities between June 22, 2021 and March 1, 2022, inclusive (the “Class Period”).; (2) held common stock of Acies Acquisition Corp. (“Acies”) as of May 25, 2021, and were eligible to vote at Acies’ June 16, 2021 special meeting; or (3) purchased Playstudios common stock pursuant and/or traceable to the Acies’ Registration Statement and Proxy Statement issued in connection with the June 2021 merger. Playstudios investors have until June 6, 2022 to file a lead plaintiff motion.
Investors suffering losses on their Playstudios investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
In June 2021, Playstudios became a public entity via merger with Acies, a special purpose acquisition company. On August 11, 2021, Playstudios released its second quarter financial results and revealed that its anticipated new game, Kingdom Boss, was being delayed until later in the year and that investors should expect decreased revenue and profits during the year as a result.
On this news, Playstudios’ stock fell $0.66, or 13%, to close at $5.09 per share on August 12, 2021, thereby injuring investors.
Then, on February 24, 2022, Playstudios released its annual report, summarizing disappointing financial results for the fourth quarter and full year 2021.
On this news, Playstudios’ stock fell $0.24, or 5%, to close at $4.86 per share on February 25, 2022, thereby injuring investors further.
Then, on February 26, 2022, Playstudios announced that Kingdom Boss was indefinitely suspended.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that it was having significant problems with Kingdom Boss, would not be releasing Kingdom Boss as expected, and had not revised its financial projections to account for the issues with Kingdom Boss, and as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Playstudios 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220414005215/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
