Evolution Sinks as Firm Starts Review of Illegal Gambling Claim
- Shares plunge as much as 19%, most since company’s 2015 IPO
- Swedish gambling giant is preparing for regulators’ questions
The Evolution website.
Source: Evolution AB
This article is for subscribers only.
Evolution AB shares plunged as the Swedish online gambling giant reached out to regulators in New Jersey and launched an internal review after a competitor accused the company of doing business in banned countries.
The stock tumbled as much as 19% to 993 kronor in Stockholm, the most since its 2015 initial public offering. That extended its drop for the week to 31%, reducing the company’s market value by more than 96 billion kronor ($11 billion) to 224 billion kronor.