NEW YORK, Nov. 25, 2021 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Playtika Holding Corp. ("Playtika" or the "Company") (NASDAQ: PLTK) and certain of its officers. The class action, filed in the United States District Court for the Eastern District of New York, and docketed under 21-cv-06571, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired: (a) Playtika securities pursuant and/or traceable to the Company's initial public offering conducted on or about January 15, 2021 (the "IPO" or "Offering"); or (b) Playtika securities between January 15, 2021 and November 2, 2021, both dates inclusive (the "Class Period"). Plaintiff pursues claims against the Defendants under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Playtika securities pursuant and/or traceable to the Company's IPO, and during the Class Period, you have until January 24, 2022 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Playtika develops mobile games in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The Company distributes its games to the end customer through various web and mobile platforms, such as Apple, Facebook, Google, and other web and mobile platforms and its own proprietary platforms.
On December 18, 2020, Playtika filed a registration statement on Form S-1 with the Securities and Exchange Commission ("SEC") in connection with the IPO, which, after an amendment, was declared effective by the SEC on January 14, 2021 (the "Registration Statement").
On January 15, 2021, pursuant to the Registration Statement, Playtika's securities began trading on the NASDAQ Global Select Market under the symbol "PLTK." That same day, Playtika filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (collectively, the "Offering Documents").
The complaint alleges that throughout the Offering Documents issued in connection with the Company's IPO were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or 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, Playtika's Chief Executive Officer, and Defendant Craig 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.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
View original content to download multimedia:
SOURCE Pomerantz LLP