SciPlay Corporation (SCPL)
Bronstein, Gewirtz & Grossman, LLC Announces Investigation of SciPlay Corporation (SCPL)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of SciPlay Corporation(“SciPlay” or the Company”) (NASDAQ: SCPL). The investigation concerns whether SciPlay and certain of its officers and/or directors have violated federal securities laws.
On or around May 2, 2019, SciPlay conducted its initial public offering (“IPO”), issuing 22 million shares of Class A common stock priced at $16.00 per share. On August 2, 2019, SciPlay issued its financial results for the second quarter of 2019, reporting disappointing growth in both revenue and active users. During the related earnings call, the Company admitted to experiencing technical issues on the SciPlay platform, citing “third-party software.” Then, on September 19, 2019, Bank of America Merrill Lynch double-downgraded its recommendation on SciPlay’s stock from “Buy” to “Underperform.” The bank also cut its price target on SciPlay stock from $17.00 per share to $12.00 per share, citing “lack of catalysts in terms of new games/markets to surprise the upside” along with softer-than-expected growth. Since the IPO, SciPlay’s stock has closed as low as $8.55 per share, representing a decline of nearly 47% from the offering price.
If you are aware of any facts relating to this investigation, or purchased SciPlay shares, you can assist this investigation by contacting Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
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.