Glancy Prongay & Murray LLP Files Securities Class Action for Evolution AB (EVVTY) Investors

GGlancy Prongay & Murray LLP (“GPM”), a prominent national shareholder rights law firm, has brought to our attention that a class action lawsuit has been filed on behalf of investors who bought or otherwise obtained Evolution AB (publ) (“Evolution” or the “Company”) (OTC: EVVTY) American Depositary Shares (“ADSs”) between February 14, 2019 and October 25, 2023, inclusive (the “Class Period”). Evolution investors now have until March 25, 2024, to file a lead plaintiff motion and potentially recover their losses.

The lawsuit alleges that during the Class Period, Evolution and certain of its executives made false and/or misleading statements and/or failed to disclose that: (1) Evolution did not have the technology to truly revolutionize, simplify, and accelerate the microbiome industry and develop products that could improve the livelihoods of the customers they serve or even meet the unmet needs of the markets the Company was proposing to serve; (2) instead, Evolution entrusted the development of its products to third-party companies and the products they were developing were not working or responsive; (3) as a result, Evolution’s revenue was reasonably likely to decline; (4) as a result of the foregoing, the defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and lacked a reasonable basis.

On August 17, 2023, Evolution announced its delay in changing its process to a manufacturer that would “truly revolutionize, simplify, and accelerate the microbiome industry and develop products that could improve the livelihoods of the customers they serve or even meet the unmet needs of the markets the Company was proposing to serve.” It turned out that the third-party company chosen by Evolution to develop the products was not working or responsive. On this news, the Company’s share price fell by 30%, damaging investors.

If you would like to learn about the class action lawsuit or if you have any questions about your legal rights, please contact GPM. You can reach GPM in three ways: visit the Firm’s website at http://www.glancylaw.com, by email at [email protected], or by phone at 310-201-9150 or 888-773-9224.

Glancy Prongay & Murray LLP is a legal office that specializes in representing investors in securities class actions. The Firm has experience in all aspects of securities litigation, including cases originating from large-scale, complex corporate wrongdoing to derivative actions. This is the Firm’s mission. Their expertise and experience mean that they can strategically pursue their clients’ objectives through litigation and at that time maintain an institutional sense of investor advocacy.

The deadline for investors to file a lead plaintiff motion is coming up on March 25, 2024. If you want to be a lead plaintiff, you should take steps to protect your interests. Reach out to GPM to learn about your options.

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