Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Playstudios To Contact Him Directly To Discuss Their Options
NEW YORK, NY - 
(NewMediaWire) - May 02, 2022 - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Playstudios, Inc. f/k/a Acies Acquisition Corp (“Playstudios” or the “Company”) (NASDAQ: MYPS, MYPSW, ACAC, ACACW) and reminds investors of the June 6, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 (1) purchasing Playstudio securities between June 22, 2021 and March 1, 2022, both dates inclusive (the "Class Period"); (2) holding Acies common stock as of May 25, 2021, and were eligible to vote at Acies' June 16, 2021 special meeting who exchanged their shares of Acies stock for shares of Playstudios stock pursuant to the merger of Acies and Old Playstudios; and/or (3) purchasing or otherwise acquiring Playstudios common stock pursuant to or traceable to the Acies' Registration Statement and Proxy Statement issued in connection with the June 2021 merger and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/MYPS.
There is no cost or obligation to you.
On August 11, 2021, Playstudios announced its results for the second quarter and first half of 2021 ended June 30, 2021 (for the quarter ending just nine days after the merger closed). As part of Playstudios’ announcement, it was stated that “Playstudios expects its full year 2021 revenue to be in the range of $290 million to $300 million,” which was $28–38 million less than what was projected and reflected in the May 25, 2021 Prospectus and Registration Statement and Proxy Statement for a merger that had just closed nine days before. And the revenues for 2022 were estimated to be around $374 million, which was $61 million less than what was projected and reflected in the May 25, 2021 Prospectus and Registration and Proxy Statement.
On this news, Playstudios stock price fell $0.66 to close at $5.09 per share on August 12, 2021, a decline of 11.47%.
On February 24, 2022, Playstudios filed its annual report for 2021 with the SEC and issued a press release summarizing financial results for the fourth quarter and year ended December 31, 2021.
On this news, Playstudios stock price fell $.24 to close at $4.86 per share on February 25, 2022, thereby injuring investors, a decline of 5%.
Two days later, on February 26, 2022, Pascal, Playstudios’ CEO, attributed the failure to meet the projections made for revenue and earnings to the failure to launch Kingdom Boss, and revealed that Kingdom Boss was not only delayed, but indefinitely “suspended”.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Playstudios’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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