Playstudio, Inc. (MYPS)
Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Playstudio, Inc. (“Playstudio” or the “Company) f/k/a Acies Acquisition Corp. (“Acies”) (NASDAQ: MYPS, MYPSW, ACAC) and certain of its officers, on behalf of all persons and entities that:
(1) purchased, or otherwise acquired securities of Playstudios, Inc. ("Playstudios") between June 22, 2021 and March 1, 2022, both dates 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. ("Acies") 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; or
(3) purchased or otherwise acquired Playstudios common stock pursuant to or traceable to the Acies' Registration Statement and Proxy Statement issued in connection with the June 2021 merger. Such investors are encouraged to join this case.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws.
The complaint alleges that throughout the class period, including at the time of the merger between Acies Acquisition Corp. and Playstudios, the Company repeatedly represented to investors that Kingdom Boss – Playstudios' highly anticipated flagship game – was "on track" for release in 2021 and that Playstudios would enjoy substantial revenue and profits as a result of the game's launch and subsequent sales.
On February 24, 2022, Playstudios filed its annual report for 2021 with the SEC and issued a press release summarizing financial results for the fourth quarter and year ended December 31, 2021. Following this news, Playstudios stock dropped 5%, to close at $4.86 per share on February 25, 2022. Then, on February 26, 2022, Playstudios CEO attributed the failure to meet the projections made for revenue and earnings to the failure to launch Kingdom Boss and revealed that Kingdom Boss was indefinitely "suspended."
A class action lawsuit has already been filed. You can review a copy of the Complaint and sign the certification form or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Playstudio you can request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.