Investors believe that Evolution provided misleading information that later became the reason for the falling share prices. They hired a US law firm Federman & Sherwood and filed a class action lawsuit against the company. The defendants are Evolution’s CEO Martin Carlesund and CFO Jacob Kaplan.
The law firm represents investors that bought Evolution shares between February 2019 and October 2023. A series of problems and revelations in 2022 and 2023 made the stock prices plummet and investors lost some of their money. Now they want their losses to be compensated.
Share price went down in January 2022 after a report was released stating that Evolution’s performance may suffer due to regulatory changes and suggesting that some of the company’s revenues can come from illegal gambling.
Then it was a series of gaming sites blocked or penalized by different regulators in April and May 2022 that sent share prices down again. That’s because among those blocked and penalized gaming operators were Evolution’s customers.