King Digital Entertainment PLC (NYSE: KING) Investor Securities Class Action Lawsuit 03/26/2015

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Company Name(s): 
King Digital Entertainment
Case Name: 
King Digital Entertainment Shareholder Class Action Lawsuit 03/26/2015
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: KING
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/26/2015
Class Period Begin: 
03/26/2014
Class Period End: 
09/22/2014
Date Settled: 
02/01/2017
Settlement Amount: 
$18,500,000
Deadline to Participate in Settlement: 
05/23/2017
Summary: 

February 1, 2017 - The court preliminarily approved the settlement.

November 8, 2016 - Parties filed a stipulation of settlement.

October 23, 2015 - The lead plaintiff filed a second amended consolidated complaint.

March 27, 2015 - An investor in shares of King Digital Entertainment PLC (NYSE: KING) filed a lawsuit over alleged violations of Federal Securities Laws by King Digital Entertainment PLC in connection with the Company’s March 26, 2014 Initial Public Offering.

According to the complaint the plaintiff alleges on behalf of purchasers of King Digital Entertainment PLC (NYSE: KING) common stock pursuant and/or traceable to the Company’s March 26, 2014 Initial Public Offering ("IPO"), that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the Registration Statement issued in connection with the IPO failed to disclose that a significant number of individuals paying to play Candy Crush Saga—the primary source of the Company’s revenue—were no longer playing Candy Crush saga, and that as a result of such decline, Candy Crush Saga was hampering the Company’s financial results. When the true details entered the market, the suit claims that investors suffered damages.

King Digital Entertainment PLC went public in March 2014. Shares of King Digital Entertainment PLC (NYSE: KING) reached $22.53 per share in July 2014.

On February 12, 2015, King Digital Entertainment PLC announced its fourth quarter and full year 2014 results. King Digital Entertainment PLC reported that its annual Total Revenue rose from over $1.88 billion in 2013 to over $2.26 billion in 2014 and that its respective Net Income increased from $567.59 million to $574.85 million.