NEW YORK, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against PlayAGS, Inc. ("PlayAGS" or the "Company") (NYSE: AGS) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired PlayAGS securities: (1) during the Class Period; (2) pursuant and/or traceable to the registration statement, prospectus, and prospectus supplement (the "August 2018 SPO Materials") issued in connection with the Company's August 2018 offering (the "August 2018 SPO"); and/or (3) the registration statement, prospectus, and prospectus supplement (the "March 2019 SPO Materials") issued in connection with the Company's March 2019 offering (the "March 2019 SPO"). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/ags.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1933 and the Securities Exchange Act of 1934.
The Complaint alleges that the August 2018 SPO Materials and March 2019 SPO Materials (the "Offering Materials"), as well as Class Period statements made by the Company and its executives, repeatedly touted PlayAGS' purported competitive strengths and key growth strategies. These growth strategies included the optimization of the Company's older, underperforming EGMs with newer, more profitable EGMs, as well as the placement of new EGMs within its existing markets. Additionally, the Offering Materials, as well as the Company's Class Period reporting with the SEC, attested to the accuracy of the Company's internal controls over financial reporting.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) PlayAGS was experiencing challenges in its business in Oklahoma; (2) as a result, the Company’s recurring revenue would be negatively impacted; (3) PlayAGS was experiencing challenges in its Interactive business segment, including delays in securing regulatory approvals and relevant licenses; (4) as a result of the foregoing, PlayAGS was reasonably likely to record a goodwill impairment; and (5) 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/ags or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in PlayAGS you have until August 24, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.