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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