This case was last updated from U.S. District Courts on 12/20/2021 at 15:35:22 (UTC).

Bar-Asher v. Playtika Holding Corp. et al

Case Summary

On November 23, 2021, Idan Bar-Asher (“Plaintiff”), individually and on behalf of all others similarly situated, represented by Jeremy Alan Lieberman of Pomerantz LLP, filed a civil action against Playtika Holding Corp., Robert Antokol, Craig J. Abrahams, Troy J. Vanke (“Vanke”) and Ors. (Vanke, Liu, Beilinson, Yuan, and Lin referred to herein collectively as, the “Securities Act Individual Defendants.”), seeking damages along with pre- and post-judgement interest for the Defendants’ alleged wrongful acts. This case was filed in U.S. District Court in the Eastern District of New York with Judge Rachel P. Kovner and Judge Sanket J. Bulsara presiding.

 

In their complaint, the Plaintiff alleged that, “Playtika develops mobile games in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The Company distributes its games to the end customer through various web and mobile platforms, such as Apple, Facebook, Google, and other web and mobile platforms and its own proprietary platforms. On December 18, 2020, Playtika filed a registration statement on Form S-1 with the SEC in connection with the IPO, which, after an amendment, was declared effective by the SEC on January 14, 2021 (the “Registration Statement”). On January 15, 2021, pursuant to the Registration Statement, Playtika’s securities began trading on the NASDAQ Global Select Market (“NASDAQ”) under the symbol “PLTK.” That same day, Playtika filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (collectively, the “Offering Documents”).”

 

The Plaintiff further alleged that, “The Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s year-over-year total costs and costs related to sales & marketing and research & development were on track to rise significantly by the third quarter of 2021; (ii) the success of the Company’s game portfolio was less sustainable than  the Company had represented.”

 

The Plaintiff also alleged that, “Then, on November 3, 2021, Playtika announced its financial results for the third quarter of 2021. Among other items, Playtika reported revenue of $635.9 million, missing consensus estimates by $26.07 million, and GAAP EPS of $0.20, missing consensus estimates by $0.05. Playtika’s stock price fell $6.80 per share, or 23.3%, to close at $22.72 on November 3, 2021. As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of Playtika’s securities, Plaintiff and other Class members have suffered significant losses and damages.”

 

There are four claims for relief laid down by the Plaintiff. The first claim alleged deals with violations of Section 11 of the Securities Act. The second claim alleged deals with violations of Section 15 of the Securities Act. The third claim alleged deals with violations of Section 10(b) of the Exchange Act and Rule 10b-5 Promulgated Thereunder. The fourth claim alleged deals with violations of Section 20(a) of the Exchange Act.

 

In their prayer for relief, the Plaintiff requested that the Court require Defendants to pay damages sustained by Plaintiff and the Class and award the Plaintiff and the other members of the Class pre- and post-judgment interest, as well as their reasonable attorneys’ fees, expert fees and such other and further relief as the Court may deem just and proper.

 

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    1:21-CV-06571

  • Filing Date:

    11/23/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Finance - Security/Commodity/Exchange

Judge Details

Presiding Judge

Rachel P. Kovner

Referral Judge

Sanket J. Bulsara

 

Party Details

Plaintiff

Idan Bar-Asher

Defendants

Playtika Holding Corp.

Robert Antokol

Craig J. Abrahams

Troy J. Vanke

Wei Liu

Marc Beilinson

Bing Yuan

Tian Lin

Attorney/Law Firm Details

Plaintiff Attorney

Jeremy Alan Lieberman

Attorney at Pomerantz LLP

600 Third Avenue

New York, NY 10016

 

Court Documents

1 #1

Main Document

1 #1

Civil Cover Sheet

1 #2

Proposed Summons

#2

(#2) Summons Issued as to All Defendants. (Bowens, Priscilla) (Entered: 11/24/2021)

#3

(#3) In accordance with Rule 73 of the Federal Rules of Civil Procedure and Local Rule 73.1, the parties are notified that if all parties consent a United States magistrate judge of this court is available to conduct all proceedings in this civil action including a (jury or nonjury) trial and to order the entry of a final judgment. Attached to the Notice is a blank copy of the consent form that should be filled out, signed and filed electronically only if all parties wish to consent. The form may also be accessed at the following link: #http://www.uscourts.gov/uscourts/FormsAndFees/Forms/AO085.pdf. You may withhold your consent without adverse substantive consequences. Do NOT return or file the consent unless all parties have signed the consent. (Bowens, Priscilla) (Entered: 11/24/2021)

#4

(#4) This attorney case opening filing has been checked for quality control. See the attachment for corrections that were made, if any. (Bowens, Priscilla) (Entered: 11/24/2021)

#5

(#5) NOTICE of Appearance by J. Alexander Hood on behalf of Idan Bar-Asher (aty to be noticed) (Hood, J. Alexander) (Entered: 12/06/2021)

#6

(#6) NOTICE of Appearance by Thomas Henry Przybylowski on behalf of Idan Bar-Asher (aty to be noticed) (Przybylowski, Thomas) (Entered: 12/06/2021)

#7

(#7) MOTION for Refund of Fees Paid Electronically by Idan Bar-Asher. (Lieberman, Jeremy) (Entered: 12/08/2021)

#8

(#8) ORDER granting #7 Motion for Refund of Fees Paid Electronically Ordered by Clerk of Court on 12/9/2021. (Marziliano, August) (Entered: 12/09/2021)

 

Docket Entries

  • 12/09/2021
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  • Docket(#8) ORDER granting #7 Motion for Refund of Fees Paid Electronically Ordered by Clerk of Court on 12/9/2021. (Marziliano, August) (Entered: 12/09/2021)

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  • 12/08/2021
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  • Docket(#7) MOTION for Refund of Fees Paid Electronically by Idan Bar-Asher. (Lieberman, Jeremy) (Entered: 12/08/2021)

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  • 12/06/2021
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  • Docket(#6) NOTICE of Appearance by Thomas Henry Przybylowski on behalf of Idan Bar-Asher (aty to be noticed) (Przybylowski, Thomas) (Entered: 12/06/2021)

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  • 12/06/2021
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  • Docket(#5) NOTICE of Appearance by J. Alexander Hood on behalf of Idan Bar-Asher (aty to be noticed) (Hood, J. Alexander) (Entered: 12/06/2021)

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  • 11/24/2021
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  • Docket(#4) This attorney case opening filing has been checked for quality control. See the attachment for corrections that were made, if any. (Bowens, Priscilla) (Entered: 11/24/2021)

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  • 11/24/2021
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  • Docket(#3) In accordance with Rule 73 of the Federal Rules of Civil Procedure and Local Rule 73.1, the parties are notified that if all parties consent a United States magistrate judge of this court is available to conduct all proceedings in this civil action including a (jury or nonjury) trial and to order the entry of a final judgment. Attached to the Notice is a blank copy of the consent form that should be filled out, signed and filed electronically only if all parties wish to consent. The form may also be accessed at the following link: #http://www.uscourts.gov/uscourts/FormsAndFees/Forms/AO085.pdf. You may withhold your consent without adverse substantive consequences. Do NOT return or file the consent unless all parties have signed the consent. (Bowens, Priscilla) (Entered: 11/24/2021)

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  • 11/24/2021
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  • Docket(#2) Summons Issued as to All Defendants. (Bowens, Priscilla) (Entered: 11/24/2021)

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  • 11/23/2021
  • DocketCase Assigned to Judge Rachel P. Kovner and Magistrate Judge Sanket J. Bulsara. Please download and review the Individual Practices of the assigned Judges, located on our #website. Attorneys are responsible for providing courtesy copies to judges where their Individual Practices require such. (Bowens, Priscilla) (Entered: 11/24/2021)

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  • 11/23/2021
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  • Docket(#1) COMPLAINT against Craig J. Abrahams, Robert Antokol, Marc Beilinson, Tian Lin, Wei Liu, Playtika Holding Corp., Troy J. Vanke, Bing Yuan filing fee $ 402, receipt number BNYEDC-15058905 Was the Disclosure Statement on Civil Cover Sheet completed -Yes,, filed by Idan Bar-Asher. (Attachments: #1 Civil Cover Sheet, #2 Proposed Summons) (Lieberman, Jeremy) (Entered: 11/23/2021)

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