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Playtika Holding Corp. Class Action Lawsuit - PLTK

Company Name
Playtika Holding Corp.
Stock Symbol
PLTK
Motion Deadline
January 22, 2022
Court
Eastern District of New York
54 days left to seek lead plaintiff status

Case Summary

The Playtika class action lawsuit charges Playtika Holding Corp. (NASDAQ: PLTK) as well as certain of its executives and directors with violations of the Securities Act of 1933 and/or Securities Exchange Act of 1934.  The Playtika class action lawsuit seeks to represent purchasers of Playtika securities: (a) pursuant and/or traceable to Playtika’s initial public offering conducted on or about January 15, 2021 (the “IPO”); or (b) between January 15, 2021 and November 2, 2021, inclusive (the “Class Period”).  The Playtika class action lawsuit was commenced on November 23, 2021 in the Eastern District of New York and is captioned Bar-Asher v. Playtika Holding Corp., No. 21-cv-06571.

If you wish to serve as lead plaintiff of the Playtika class action lawsuit, please provide your information by clicking here.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com  Lead plaintiff motions for the Playtika class action lawsuit must be filed with the court no later than January 24, 2022.

CASE ALLEGATIONS: Playtika develops mobile games.  Pursuant to the IPO’s offering documents, Playtika issued over 18.5 million ordinary shares to the public at a price of $27 per share for approximately $480 million in proceeds to Playtika before expenses.

The Playtika class action lawsuit alleges that the offering documents and defendants throughout the Class Period made false and misleading statements and failed to disclose that: (i) Playtika’s year-over-year total costs and costs related to sales & marketing and research & development were on track to rise significantly by the third quarter of 2021; (ii) the success of Playtika’s game portfolio was less sustainable than Playtika had represented; (iii) the foregoing issues were likely to negatively impact Playtika’s revenue and earnings; and (iv) as a result, Playtika’s public statements were materially false and misleading at all relevant times.

On May 11, 2021, Playtika announced its financial results for the first quarter of 2021 which widely missed consensus Generally Accepted Accounting Principles (“GAAP”) earnings per share (“EPS”) estimates, causing Playtika’s stock price to fall. 

Then, on November 3, 2021, Playtika announced its financial results for the third quarter of 2021 which again missed consensus revenue and EPS estimates.  That same day, on an earnings call with investors and analysts, Playtika’s CEO, defendant Robert Antokol, and CFO, defendant Craig Abrahams, revealed that two of the games in Playtika’s portfolio yielded disappointing revenues for the quarter.  On this news, Playtika’s stock price fell by more than 23%, further damaging investors.

As of the time the Playtika class action lawsuit was commenced, Playtika ordinary shares continue to trade below the IPO price.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Playtika securities: (a) pursuant and/or traceable to Playtika’s IPO; or (b) during the Class Period to seek appointment as lead plaintiff in the Playtika class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Playtika class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Playtika class action lawsuit.  An investor’s ability to share in any potential future recovery of the Playtika class action lawsuit is not dependent upon serving as lead plaintiff. 

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions.  Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.  The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs’ firm.

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