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PlayAGS, Inc. (NYSE: AGS) Investor Securities Class Action Lawsuit 06/25/2020

  • If you purchased shares of PlayAGS, Inc. (NYSE: AGS), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
PlayAGS, Inc.
Security
NYSE: AGS

Case Name
PlayAGS Shareholder Class Action Lawsuit 06/25/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Nevada

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Summary

March 25, 2021 - An amended consolidated complaint was filed.

June 25, 2020 - An investor in shares of PlayAGS, Inc. (NYSE: AGS) filed a lawsuit in the U.S. District Court for the District of Nevada over alleged violations of Federal Securities Laws by PlayAGS, Inc. in connection with certain allegedly false and misleading statements made between August 2, 2018 and August 7, 2019.

Las Vegas, NV based PlayAGS, Inc. designs and supplies electronic gaming machines (EGMs), and other products and services for the gaming industry in the United States and internationally. PlayAGS, Inc. reported that its annual Total Revenue rose from $211.95 million in 2017 to $285.29 million in 2018 and that its Net Loss declined from $45.1 million in 2017 to $20.84 million in 2018.

On August 7, 2019, PlayAGS, Inc. reported a net loss of $7.6 million for second quarter 2019, which included a $3.5 million impairment to goodwill and $1.3 million impairment to intangible assets related to the Company's real money gaming business. Shares of PlayAGS, Inc. (NYSE: AGS) declined from $20.42 per share in July 2019 to as low as $6.05 per share on August 8, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of PlayAGS, Inc. (NYSE: AGS) common shares between August 2, 2018 and August 7, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between August 2, 2018 and August 7, 2019, the Defendants failed to disclose to investors that PlayAGS was experiencing challenges in its business in Oklahoma, that, as a result, the Company’s recurring revenue would be negatively impacted, that PlayAGS was experiencing challenges in its Interactive business segment, including delays in securing regulatory approvals and relevant licenses, that, as a result of the foregoing, PlayAGS was reasonably likely to record a goodwill impairment, and that that as a result, Defendants’ statements about the Company’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.