SAN DIEGO, CA / ACCESSWIRE / May 31, 2022 / Robbins Geller Rudman & Dowd LLP announces that the Playstudios class action lawsuit seeks to represent investors who: (1) purchased or otherwise acquired Playstudios, Inc. (NASDAQ:MYPS; MYPSW) securities between June 22, 2021 and March 1, 2022, both dates inclusive (the "Class Period"), including, but not limited to, those who purchased or acquired Playstudios securities pursuant to the offering of the private investment in public equity ("PIPE" offering); (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 (defined below); and (3) purchased or otherwise acquired Playstudios common stock pursuant to or traceable to Acies' Registration Statement and Proxy Statement issued in connection with the June 2021 merger. The Playstudios class action lawsuit - captioned Felipe v. Playstudios, Inc., No. 22-cv-02164 (N.D. Cal.) - charges Playstudios, its CEO, as well as others with violations of the Securities Act of 1933 and/or Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff, please provide your information here:

You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com . Lead plaintiff motions for the Playstudios class action lawsuit must be filed with the court no later than June 6, 2022.

CASE ALLEGATIONS : Acies is a "blank check" special purpose acquisition company ("SPAC") formed in October 2020. On February 1, 2021, Acies announced that it had reached a merger agreement with Playstudios, a privately-held gaming company ("Old Playstudios"). In the press release announcing the merger, Playstudios announced that the transaction implied an enterprise valuation for Playstudios of $1.1 billion and that the consideration to Old Playstudios shareholders for the merger would comprise at least 89.1 million shares of Acies common stock, worth $10 per share, up to $150 million in cash, and a $250 million investment PIPE of common stock of Acies.

The Playstudios class action lawsuit alleges that Playstudios made misleading statements and omissions regarding the true state of Playstudios' development of its flagship game Kingdom Boss and about its financial projections and future prospects in the Registration Statement and Proxy Statement and subsequent statements. The projections were expressly premised on a successful and timely launch of Kingdom Boss. For example, in the Registration Statement and Proxy Statement, Playstudios told investors that "Kingdom Boss, which began development in 2020, will launch as expected in the second half of 2021." The Playstudios class action lawsuit further alleges that, at the same time the projections of revenue and profits were being publicly made, Playstudios knew that Kingdom Boss had encountered difficulties in its design and implementation that would cause the launch to be substantially delayed.

Robbins Geller has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance. Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors. The rise in blank check financing poses unique risks to investors. Robbins Geller's SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.

THE LEAD PLAINTIFF PROCESS : The Private Securities Litigation Reform Act of 1995 permits any investor who: (1) purchased Playstudios securities during the Class Period; (2) held common stock of Acies as of May 25, 2021 and was eligible to vote at Acies' June 16, 2021 special meeting who exchanged its shares of Acies stock for shares of Playstudios stock pursuant to the merger; and (3) purchased or otherwise acquired Playstudios common stock pursuant to or traceable to Acies' Registration Statement and Proxy Statement issued in connection with the June 2021 merger to seek appointment as lead plaintiff in the Playstudios class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.

ABOUT ROBBINS GELLER : Robbins Geller is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone - more than triple the amount recovered by any other plaintiffs' firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever - $7.2 billion - in In re Enron Corp. Sec. Litig. Please visit the following page for more information:

Attorney advertising.

Past results do not guarantee future outcomes.

Services may be performed by attorneys in any of our offices.

Contact:

Robbins Geller Rudman & Dowd LLP

655 W. Broadway, San Diego, CA 92101

J.C. Sanchez, 800-449-4900

jsanchez@rgrdlaw.com

SOURCE: Robbins Geller Rudman & Dowd LLP

View source version on accesswire.com:

COMTEX_408025670/2457/2022-05-31T23:55:25