A securities class action has been filed against PLAYSTUDIOS, Inc. (“PLAYSTUDIOS”) (NASDAQ: MYPS; MYPSW) f/k/a Acies Acquisition Corp. (“Acies”) (NASDAQ: ACAC; ACACW) on behalf of Investors who (1) purchased or acquired PLAYSTUDIOS  securities between June 22, 2021 and March 1, 2022,  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 Acies common stock as of May 25, 2021, and were eligible to vote at Acies’ June 17, 2021 special meeting who exchanged their Acies stock for PLAYSTUDIOS stock; or (3) purchased or acquired PLAYSTUDIOS common stock pursuant or traceable to the Acies’ Registration Statement and Proxy Statement issued in connection with the June 2021 merger.

On February 1, 2021, Acies, a special purpose acquisition company, announced that it had reached a merger agreement with “Old Playstudios,” a privately-held gaming company (the “Merger”).  PLAYSTUDIOS’ flagship game was Kingdom Boss. PLAYSTUDIOS told investors that “Kingdom Boss, which began development in 2020, will launch as expected in the second half of 2021.”

On June 17, 2021, Acies held a General Meeting where Acies shareholders were asked to approve the Merger.  The Merger closed on June 21, 2021, and on June 22, 2021, PLAYSTUDIOS stock and warrants began publicly trading on NASDAQ.

The truth began to be revealed on August 11, 2021, when PLAYSTUDIOS released its financial results for the second quarter of 2021 wherein PLAYSTUDIOS revealed for the first time that the Kingdom Boss launch was being delayed until later in the year and that investors should expect decreased revenues and profits during the year as a result.  These quarterly financial results were finalized on June 30, 2021, just nine days after the Merger closed. Thus, defendants knew or recklessly disregarded prior to the merger close (June 21, 2021) and prior to the merger vote by the Acies shareholders (June 17, 2021), that Kingdom Boss would not be ready to launch within just a matter of weeks.  Following this news, PLAYSTUDIOS stock price fell $.66 to close at $5.09 per share on August 12, 2021, a decline of 13%.

Then, on February 24, 2022, during an earnings call for the fourth quarter ended December 31, 2021, PLAYSTUDIOS’ CEO, much to investors’ surprise, disclosed that Kingdom Boss would not be launched at all.  Following this news, PLAYSTUDIOS stock price fell $.24 to close at $4.86 per share on February 25, 2022, a decline of 5%. Two days later, on February 26, 2022, PLAYSTUDIOS’ CEO attributed the failure to meet the projections made for revenue and earnings to the failure to launch Kingdom Boss, and revealed that Kingdom Boss was not only delayed, but indefinitely “suspended.”