Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 Investing In PlayAGS, Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in PlayAGS, Inc. ("PlayAGS" or the "Company") (NYSE:AGS) of the August 24, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in PlayAGS stock or options between August 2, 2018 and August 7, 2019 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased PlayAGS securities between August 2, 2018 and August 7, 2019 (the "Class Period"). The case, Chowdhury v. PlayAGS, Inc. et al., No. 20-cv-01209 was filed on June 25, 2020.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose to investors: (1) that PlayAGS was experiencing challenges in its business in Oklahoma; (2) that, as a result, the Company’s recurring revenue would be negatively impacted; (3) that PlayAGS was experiencing challenges in its Interactive business segment, including delays in securing regulatory approvals and relevant licenses; (4) that, as a result of the foregoing, PlayAGS was reasonably likely to record a goodwill impairment; and (5) 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.
On August 7, 2019, PlayAGS reported a net loss of $7.6 million for second quarter 2019 which included a $3.5 million impairment to goodwill and a $1.3 million impairment to intangible assets of the Company’s iGaming reporting unit, due to extended regulatory timelines which delayed revenues.
On this news, PlayAGS's share price fell from $17.30 per share on August 7, 2019 to a closing price of $8.31 on August 8, 2019: a $8.99 or a 51.96% drop.
PlayAGS, Inc. (AGS)
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Filed on 06/25/2020
Lead Plaintiff Deadline 08/24/2020
39 days remaining
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