NEW YORK, December 19, 2021 (GLOBE NEWSWIRE) – Pomerantz LLP announces that a class action lawsuit has been filed against Playtika Holding Corp. (“Playtika” or the “Company”) (NASDAQ: PLTK) and certain of its officers. The class action lawsuit, filed in the United States District Court for the Eastern District of New York, and registered as 21-cv-06571, is in the name of a group consisting of all persons and entities other than the defendants who have purchased or otherwise acquired: (a) Playtika Securities in accordance with and / or traceable to the Company’s initial public offer made on or around January 15, 2021 (the “IPO” or “Offer”); or (b) Playtika securities between January 15, 2021 and November 2, 2021, both dates inclusive (the “Class Period”). The plaintiff is pursuing actions against the defendants under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Playtika securities in accordance with and / or traceable to the company’s IPO, and during the appeal period, you have until January 24, 2022 to request the court to appoint you as as the lead applicant for the group. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, Ext. 7980. Those inquiring by e-mail are encouraged to provide their mailing address, telephone number and the number of shares purchased.
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Playtika develops mobile games in the United States, Europe, the Middle East, Africa, Asia-Pacific and internationally. The Company distributes its games to the end customer through various web and mobile platforms, such as Apple, Facebook, Google and other web and mobile platforms and its own proprietary platforms.
On December 18, 2020, Playtika filed a registration statement on Form S-1 with the Securities and Exchange Commission (“SEC”) in connection with the IPO, which, after amendment, was declared effective by the SEC on January 14, 2021 (the “Registration Statement”).
On January 15, 2021, in accordance with the registration statement, the securities of Playtika began trading on the NASDAQ Global Select Market under the symbol “PLTK”. On the same day, Playtika filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the registration statement (collectively, the “offering documents”).
The complaint alleges that throughout the offering documents published in connection with the IPO of the Company were negligently prepared and, therefore, contained false statements of material fact or failed to disclose any other facts necessary so that the statements made are not misleading and have not been prepared in accordance with the rules and regulations governing their preparation. In addition, throughout the Class Period, the Defendants have made materially false and misleading representations regarding the Company’s business, operational and compliance policies. Specifically, the Offer Documents and the Defendants made false and / or misleading statements and / or failed to disclose that: (i) the Company’s total year-over-year costs and related costs sales and marketing and research and development were on track to increase significantly by the third quarter of 2021; (ii) the success of the Company’s gaming portfolio was less sustainable than what the Company had represented; (iii) the aforementioned issues were likely to have a negative impact on the Company’s revenues and profits; and (iv) accordingly, the Company’s public statements were materially false and misleading at all material times.
On May 11, 2021, Playtika announced its financial results for the first quarter of 2021. While the company’s revenue exceeded expectations by $ 57.97 million, its GAAP earnings per share of $ 0.09 missed estimates. consensus of $ 0.04.
On this news, the Playtika share price fell $ 0.93 per share, or 3.47%, to close at $ 25.89 per share on May 11, 2021.
Then, on November 3, 2021, Playtika announced its financial results for the third quarter of 2021. Among other items, Playtika reported revenue of $ 635.9 million, missing consensus estimates of $ 26.07 million. dollars and GAAP EPS of $ 0.20, missing consensus estimates of $ 0.05.
On the same day, in a conference call with investors and analysts discussing the company’s third quarter 2021 results, defendant Robert Antokol, chief executive of Playtika, and defendant Craig Abrahams, chief financial officer of Playtika, revealed that two of the games in Playtika’s portfolio were generating disappointing revenues. for the quarter.
Following this news, the Playtika share price fell $ 6.80 per share, or 23.3%, to close at $ 22.72 on November 3, 2021.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the Dean of the Class Actions Bar, Pomerantz was a pioneer in the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and professional misconduct. The firm has recovered numerous multi-million dollar damages on behalf of the members of the group. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext 7980