Get 40% Off
🚀 Our AI Picked 6 Stocks that Jumped +25% in Q1. Which Picks Will Soar in Q2?Unlock full list

Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against B. Riley, and Evolution and Encourages Investors to Contact the Firm

Published 11/02/2024, 02:14
Updated 11/02/2024, 02:14

NEW YORK, Feb. 10, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of B. Riley Financial, Inc. (NASDAQ: RILY), and Evolution AB (publ) (OTCMKTS: EVVTY; EVGGF). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

B. Riley Financial, Inc. (NASDAQ: RILY)

Class Period: May 10, 2023 and November 9, 2023 (Common Stock Only)

Lead Plaintiff Deadline: March 25, 2024

According to the filed complaint, throughout the Class Period, 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 failed to disclose to investors: (1) that Brian Kahn had been credibly implicated in a conspiracy to defraud investors of millions of dollars; (2) that, in spite of this involvement, B. Riley continued to finance the transaction enabling Kahn and others to take FRG private through complex arrangements; (3) that the foregoing was reasonably likely to draw regulatory scrutiny to B. Riley; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

For more information on the B. Riley class action go to: https://bespc.com/cases/RILY

Evolution AB (publ) (OTCMKTS: EVVTY; EVGGF)

Class Period: February 14, 2019 - October 25, 2023 (Evolution's ADS Only)

Lead Plaintiff Deadline: March 25, 2024

According to the complaint, On January 24, 2022, Analyst Alpha Generation Limited released a report on Evolution (the "Report") to certain institutional investors. According to subsequent media coverage, the Report stated that (i) a significant portion of Evolution's revenue "could be at risk due to future regulatory clampdowns," and (ii) Evolution was "exposed to revenues from what we [the authors of the Report] believe to be illegal gambling activities."

On this news, Evolution's American Depositary Share ("ADS") price fell $19.78 per ADS, or 14.68%, over the following three trading sessions, to close at $115.00 per ADS on January 27, 2022.

On April 26, 2022 (that is, on April 25, 2022 in the United States), Australia's gambling regulator announced that it had requested that Australian internet service provides block six online gambling sites, the operators of at least five of which were direct or indirect customers of Evolution's, alleging that the sites were engaged in illegal gambling.

On this news, Evolution's ADS price fell $6.02 per ADS, or 6.22%, over the following two trading sessions, to close at $96.73 per ADS on April 27, 2022.

On May 4, 2022, industry press reported that the Swedish Administrative Court had upheld most of the record Swedish fines of 175 million Swedish Krona (approximately $17.8 million) that had been imposed on brands operated by ComeOn Group, a subsidiary of Cherry AB (publ), a customer of Evolution's, in relation to breaches of Swedish online gambling regulations.

On this news, Evolution's ADS price fell $12.34 per ADS, or 10.88%, to close at $101.09 per ADS on May 5, 2022.

On May 7, 2022, media outlets reported that industry participants had lobbied the UK government against an overhaul of gambling laws in the UK.

On this news, Evolution's ADS price fell $14.84 per ADS, or 14.54%, over the following three trading sessions, to close at $87.25 per ADS on May 11, 2022.

On April 27, 2023, Evolution released its financial and operating results for the first quarter of 2023. Among other items, the Company disclosed that Evolution's revenue from the RNG segment of its business did not grow, and that its North American business segment had experienced a low growth rate.

On this news, Evolution's ADS price fell $11.24 per ADS, or 8.23%, over the following four trading sessions, to close at $125.26 per ADS on May 2, 2023.

Finally, on October 26, 2023, Evolution released its financial and operating results for the third quarter of 2023 and held an analyst call to discuss the results. In its quarterly report and on the analyst call, Evolution disclosed that the Company faced delays in opening new studios and that revenues for its RNG and North American business segments did not grow.

On this news, Evolution's ADS price fell $7.15 per ADS, or 7.61%, over the following two trading sessions, to close at $86.80 per ADS on October 27, 2023.

For more information on the Evolution class action go to: https://bespc.com/cases/EVVTY

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com


Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.