Playstudios, Inc.

In June 2021, Playstudios became a public entity via merger with Acies, a special purpose acquisition company. On August 11, 2021, Playstudios released its second quarter financial results and revealed that its anticipated new game, Kingdom Boss, was being delayed until later in the year and that investors should expect decreased revenue and profits during the year as a result.

On this news, Playstudios’ stock fell $0.66, or 13%, to close at $5.09 per share on August 12, 2021, thereby injuring investors.

Then, on February 24, 2022, Playstudios released its annual report, summarizing disappointing financial results for the fourth quarter and full year 2021.

On this news, Playstudios’ stock fell $0.24, or 5%, to close at $4.86 per share on February 25, 2022, thereby injuring investors further.

Then, on February 26, 2022, Playstudios announced that Kingdom Boss was indefinitely suspended.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that it was having significant problems with Kingdom Boss, would not be releasing Kingdom Boss as expected, and had not revised its financial projections to account for the issues with Kingdom Boss, and as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.