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Evolution Targeted By Class Action Lawsuit in North America

Posted on February 2, 2024 | 9:06 am

Evolution, the world’s most prominent supplier of live dealer games for online casinos, is going through a bit of trouble in North America as a class action lawsuit was filed against the company.

The lawsuit was filed by Federman & Sherwood in the United States District Court for the Eastern District of Pennsylvania and it alleges that the company deceived its investors regarding its growth trajectory and compliance status.

The law firm that filed the lawsuit represents people and businesses that acquired Evolution shares between 14 February 2019 and 25 October 2023. The lawsuit alleges that the live casino supplier made untrue or misleading statements about its growth potential, customer and company compliance and the effect of non-compliance on the company’s revenue.

Among the defendants list we can find Martin Carlesund, the Chief Executive Officer of Evolution, and Jacob Kaplan, the Chief Financial Officer. The list of complaints includes several incidents that took place in 2022 and 2023, which had an effect on share prices. The filing claims that these incidents represent proof of the supplier’s non-compliance.

The ultimate goal of the lawsuit is to recover financial damages for all the investors that purchased Evolution shares during the period specified above, which covers almost the entirety of the past five years.

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The lawsuit seems to originate from a report compiled by Analyst Generation Limited in January 2022, which was made available to certain Evolution investors. The respective report outlined two allegations regarding the company: that a portion of its revenue could be at risk due to future regulations and that the supplier had been “exposed to revenues from what we believe to be illegal gambling activities”.

The release of that report did have an effect on the company’s share price as it fell by 14.68 percent across the three trading sessions that followed. Moreover, in April 2022 the company had some trouble in Australia as the local gambling regulator blocked six online casinos and five of them were offering games from Evolution. That led to another drop of 6.22 percent in the share price over the two trading sessions that followed the news.

The company’s live casino segment has been performing very well over the past few years, but the RNG segment has not done that well. Moreover, the North American contribution to the company’s total revenue registered modest growth lately. The release of the company’s results in the first and third quarter of 2023 led to other share price drops. Evolution has decided not to publish a response to these allegations.


“Evolution accused of misleading investors in lawsuit“,, January 25, 2024.

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