Evolution hit with lawsuit for allegedly misleading investors
Federman & Sherwood has announced that on January 23, 2024 it filed a class action lawsuit in the United States District Court for Eastern District of Pennsylvania against Evolution AB.
The complaint alleges that defendants 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.
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.
Plaintiffs seek to recover damages on behalf of all Evolution AB investors who purchased securities, including ADSs, during the class period.
Federman & Sherwood is a highly sought after law firm with years of experience and a highly skilled staff. Managing Partner, William B. Federman has served as counsel for many shareholders and handled over sixty class action suits.