Evolution AB

Case Details

Class Period: February 14, 2019 - October 25, 2023
Date Filed: January 23, 2024
Case Number: 2:24-cv-00326
Jurisdiction: Eastern District of Pennsylvania
icon-casetype Case Type: Securities Case
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Case Summary

The Complaint alleges that Evolution AB, throughout the Class Period, which is February 14, 2019 through October 25, 2023, made materially false and/or misleading statements regarding Evolution’s and Evolution’s customers’ compliance with governing laws; the effect of non-compliance on Evolution’s revenue; and Evolution’s predicted growth and growth strategies. From January 24, 2022 to October 26, 2023, a number of disclosures revealed the truth of Evolution’s compliance, revenue, and growth, and brought to light the falsities behind Defendants statements. As a result, Evolution saw a significant change in the value of its share prices, including its American Depository Shares (“ADSs”). The Complaint alleges violations of Section 10(b) of the Securities Exchange Act and Rules 10b-5 promulgated thereunder, and violations of Section 20(a) of the Securities Exchange Act.