The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Playtika Holding Corp. (PLTK) Investors
November 29, 2021 at 12:00 PM EST
The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Playtika Holding Corp. (“Playtika” or the “Company”) (NASDAQ: PLTK) securities: (a) pursuant and/or traceable to the Company’s January 2021 initial public offering (“IPO” or the “Offering”); or (b) between January 15, 2021 and November 2, 2021, inclusive (the “Class Period”). Playtika investors have until January 24, 2022 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On or about January 15, 2021, Playtika conducted its IPO, selling approximately 18.5 million shares of common stock priced at $27.00 per share.
Then, 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 ("EPS") of $0.09 missed consensus estimates by $0.04.
On this news, Playtika's stock price fell $0.93 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.
On this news, Playtika’s stock price fell $6.80, or 23%, to close at $22.72 per share on November 3, 2021, thereby injuring investors further.
The complaint filed alleges that the Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, 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.
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If you purchased Playtika securities during the Class Period, you may move the Court no later than January 24, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Playtika securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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