NEW YORK, Nov. 26, 2021 (GLOBE NEWSWIRE) -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired ordinary shares of Playtika Holding Corp. (“Playtika” or the “Company”) (NASADQ: PLTK) in connection with Playtika’s January 15, 2021 initial public offering; and/or (ii) Playtika securities between January 15, 2021 and November 2, 2021, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Eastern District of New York and alleges violations of §§11 and 15 of the Securities Act of 1933 and §§ 10(b) and 20(a) of the Securities Exchange Act of 1934.
If you purchased or acquired (a) Playtika ordinary shares in connection with the IPO; and/or (b) Playtika securities during the Class Period, and/or would like to discuss your legal rights and options please visit Playtika Holding Corp. Shareholder Class Action Lawsuit or contact Joe Seidman toll free at (877) 779-1414 or seidman@bernlieb.com.
On or about January 15, 2021, Playtika conducted its IPO, offering 18,518,500 shares of its common stock to the public at a price of $27 per share for anticipated proceeds of approximately $479,999,520.
According to the complaint, Defendants made false and/or misleading statements and failed to disclose that (i) the Company’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 the Company’s game portfolio was less sustainable than the Company had represented; (iii) the foregoing issues were likely to negatively impact the Company’s revenue and earnings; and (iv) as a result, the Company’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. While the Company’s revenue beat expectations by $57.97 million, its GAAP earnings per share of $0.09 missed consensus estimates by $0.04.
On this news, Playtika’s stock price fell $.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 by $26.07 million, and GAAP EPS of $0.20, missing consensus estimates by $0.05.
That same day, on an earnings call with investors and analysts discussing the Company’s Q3 2021 results, Defendant Robert Antokol (“Antokol”), Playtika’s Chief Executive Officer (“CEO”), and Defendant Craig Abrahams (“Abrahams”), Playtika’s Chief Financial Officer, revealed that two of the games in Playtika’s portfolio yielded disappointing revenues for the quarter.
On this news, Playtika’s stock price fell $6.80 per share, or 23.3%, to close at $22.72 on November 3, 2021. As of the time this Complaint was filed, Playtika ordinary shares continue to trade below the Offering price, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than January 24, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Playtika Holding Corp. securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/playtikaholdingcorp-pltk-shareholder-lawsuit-class-action-fraud-stock-463/ or contact Joe Seidman toll free at (877) 779-1414 or seidman@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Joe Seidman
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
seidman@bernlieb.com
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