PLAYSTUDIOS INVESTIGATION INITIATED BY FORMER ATTORNEY GENERAL OF LOUISIANA: Kahn Swick & Foti, LLC is investigating the officers and directors of PLAYSTUDIOS, Inc.

NEW ORLEANS, May 10, 2024 /PRNewswire/ — Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq.a partner at the law firm Kahn Swick & Foti, LLC (“KSF”), announces that KSF has initiated an investigation into PLAYSTUDIOS, Inc. (“Playstudios” or the “Company”) (NasdaqGM: MYPS).

Playstudios is a mobile gaming company that primarily develops and markets games casino Games for mobile devices and PCs, including slots, blackjack and bingo. In August 2021Just days after the company completed its merger with Acies Acquisition Corp. The company announced that the launch of its flagship game Kingdom Boss was delayed, resulting in lower sales and profits during the year. Then in February 2022the company announced disappointing fourth quarter and full year financial results December 31, 2021and that the Kingdom Boss game was completely abandoned due to “metrics” and vague “performance issues”, resulting in a 8 million dollars Depreciation related to the game. Then further May 5, 2022The company once again reported disappointing financial results, including revenues of $70.5 million for the first quarter of 2022 compared to $74.1 million for the first quarter of 2021.

Subsequently, the Company and certain of its executives were also sued in a securities class action lawsuit accusing them of failing to disclose material information during the Class Period, in violation of federal securities laws. Recently, the court presiding over this case denied the company’s motion to partially dismiss, allowing the case to proceed.

KSF’s investigation focuses on whether Playstudios’ officers and/or directors breached their fiduciary duties to shareholders or otherwise violated state or federal laws.

If you have information that could assist KSF in its investigation, or are a long-time owner of Playstudios stock and would like to discuss your legal rights, you may call, without obligation and at no cost to you, toll-free 1-833-938-0905 or text Send an email to KSF Managing Partner Lewis Kahn ((email protected)) or visit us at https://www.ksfcounsel.com/cases/nasdaqgm-myps/ to learn more.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr.is one of the nation’s leading boutique securities litigation firms. KSF serves a variety of clients – including public institutional investors, hedge funds, asset managers and retail investors – in obtaining compensation for investment losses caused by companies Fraud or misconduct by listed companies. KSF has offices in new York, Delaware, California, Louisiana And New Jersey.

To learn more about KSF, visit ksfcounsel.com.

Contact:
Kahn Swick & Foti, LLC
Lewis KahnManaging Partner
(email protected)
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

SOURCE Kahn Swick & Foti, LLC