Evolution rises after US gaming authority clears misconduct claims

Evolution AB (publ)

20/02/2024 08:58

** Shares in Evolution  EVOG.ST  are up 3.2% after the New
Jersey Division of Gaming Enforcement (NJDGE) closed its
investigation into allegations of misconduct by the Swedish
gaming company, taking no further action
    ** The NJDGE case was sparked in November 2021 by claims
originating from an anonymous third party, but the probe has
found no evidence of any violations in prohibited jurisdictions,
the company said
    ** Jefferies sees NJDGE update as a positive development for
Evolution, and points out the investigation has been a drag on
the company's shares since their 30% drop in November 2021 when
the case was announced 
        ** "Evolution's valuation multiple has not recovered
since that announcement," the brokerage adds
  
    ** Evolution shares are among best performers of
pan-European 600 index  .STOXX 

 (Reporting by Jesus Calero)
 ((Jesus.calero@thomsonreuters.com))