PlayAGS faces class action lawsuit over securities purchases
A class action lawsuit has been filed against PlayAGS after the gaming technology supplier was accused of failing to disclose information about its business, operations and prospects to investors.
The Law Offices of Frank R. Cruz launched the lawsuit on behalf of persons and entities that purchased or acquired PlayAGS securities between August 2, 2018, and August 7, 2019.
On the final day of the period in question, PlayAGS reported a net loss of $7.6m for its second quarter, covering the three months to June 30, 2019.
This included a $3.5m impairment to goodwill charge and $1.3m in impairment to intangible assets of the supplier’s igaming reporting unit, as a result of extended regulatory timelines that delayed revenues.