Investigation
BioXcel Therapeutics, Inc. (BTAI)
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.
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Investigation
08/11/2021
Initial Lawsuit
04/05/2022
Lawsuit Progression
07/12/2022
A Playstudio shareholder filed a securities class action lawsuit on behalf of a class consisting of all persons and entities other than defendants and other persons who:
(1) purchased, or otherwise acquired securities of Playstudios, Inc. between June 22, 2021 and March 1, 2022, both dates inclusive, including, but not limited to, those who purchased or acquired Playstudios securities pursuant to the offering of the private investment in public equity […];
(2) held common stock of Acies Acquisition Corp. as of May 25, 2021, and were eligible to vote at Acies’ June 16, 2021 special meeting who exchanged their shares of Acies stock for shares of Playstudios stock pursuant to the merger of Acies and Old Playstudios […];
(3) purchased or otherwise acquired Playstudios common stock pursuant to or traceable to the Acies’ Registration Statement and Proxy Statement issued in connection with the June 2021 merger, seeking to pursue remedies under Sections 11 of the Securities Act of 1933.
According to the complaint, 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 allegedly failed to disclose to investors that:
(i) Playstudios was having significant problems with Kingdom Boss, including difficulties in its design and implementation that would cause the launch to be substantially delayed;
(ii) the company would not be releasing Kingdom Boss as expected, and;
(iii) the company had not revised its financial projections to account for the issues with Kingdom Boss.
(summarized, see complaint for detailed allegations)
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.