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

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

Playstudios is a mobile gaming company that primarily develops and markets casino games for mobile devices and PCs, including slots, blackjack and bingo. In August 2021, just days after completing the company’s 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 2022, the company announced disappointing financial results for the fourth quarter and the year ended December 31, 2021, and that the Kingdom Boss game had been completely abandoned due to “metrics” and vague “performance issues,” leading to a Loss of $8 led to millions in write-offs related to the game. Then, on May 5, 2022, the company again reported disappointing financial results, including revenue 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 Email 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 law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, asset managers and retail investors – in obtaining compensation for investment losses resulting from corporate fraud or misconduct by publicly traded 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 Kahn, managing partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

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SOURCE Kahn Swick & Foti, LLC