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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.

The Evolution website.

Source: Evolution AB

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.