SciPlay is a developer and publisher of digital games on mobile and web platforms. Lead Plaintiffs’ claims arise from allegedly material misstatements and omissions made by Defendants in the registration statement issued in connection with the Company’s November 3, 2019 initial public offering of Class A common stock. On November 18, 2019, Labaton Keller Sucharow LLP filed an Amended Class Action Complaint, asserting claims under Sections 11 and 15 of the Securities Act of 1933 against SciPlay and certain other defendants. On December 19, 2019 the Court consolidated that case with a substantially similar action and appointed Labaton Keller Sucharow as interim lead counsel.
Lead Plaintiffs allege that the registration statement and prospectus used to conduct SciPlay’s IPO were false and misleading for failing to disclose that prior to the IPO, and even during the IPO, SciPlay’s games were being disrupted by faulty third-party software that made it difficult or impossible for users to play. Lead Plaintiffs allege that the registration statement also failed to disclose that one of SciPlay’s significant platform providers – Google was making changes to its Chrome Web browser that would make SciPLay’s Flash-based games more difficult to play and ultimately lead to the loss of users and revenue. Lead Plaintiffs also allege that while the registration statement touted SciPlay’s “data-driven” approach to marketing decisions, it failed to disclose that in the lead-up to the IPO the Company also had an undisclosed practice of cutting marketing spend to increase EBIDTA and impress IPO investors.
Defendants filed a motion to dismiss the Amended Class Action Complaint on December 23, 2019. On August 28, 2020, the Court issued an oral decision granting in part and denying in part the motion to dismiss, and a written order on September 17, 2020.
On December 14, 2020, Lead Plaintiffs filed a motion for class certification.
The Parties began discussing the possibility of resolving the claims asserted in the Action and a related action. A mediation session was held on April 14, 2021, and on May 12, 2021, an agreement in principle was reached. The Parties executed the Stipulation of Settlement on July 27, 2021.
The case is In re SciPlay Corporation Securities Litigation, No. 655984/2019, in the Supreme Court of the State of New York. Labaton Keller Sucharow represents plaintiff Police Retirement System of St. Louis.
Submit Claim Form
If you purchased or otherwise acquired the Class A common stock of SciPlay Corporation pursuant and/or traceable to the registration statement for SciPlay’s May 3, 2019 initial public offering of Class A common stock, and were allegedly damaged thereby, you may be entitled to a payment from a class action settlement. To be eligible for a payment, you must submit a Claim Form to the Claims Administrator by December 23, 2021.
Settlement Hearing
The Settlement Hearing was held on November 15, 2021, at 3:30 p.m. EDT, both in person at the Supreme Court, New York County, Courtroom 242, 60 Centre Street, New York, NY 10007, and remotely using directions that will be posted in advance on the Settlement website, in the Court’s discretion and the court approved the Settlement and Plan of Allocation and awarded attorneys' fees and expenses.
If you have questions about the Settlement, please contact Labaton Keller Sucharow at settlementquestions@labaton.com or 1-888-219-6877, or contact the Claims Administrator, at (866) 905-8128.
