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Playtech considers Evolution AB's 'smear campaign' accusations baseless
(Sharecast News) - Gambling software firm Playtech has said it will "vigorously" defend itself in court after Swedish peer Evolution AB accused the UK outfit of a "smear campaign" in the US. Evolution added Playtech to an ongoing defamation lawsuit in New York, which claims that Playtech commissioned intelligence agency Black Cube to create a "defamatory report" designed to hurt its business.
The report in question, based on undercover investigations from 2021, alleged that Evolution knowingly operated in sanctioned markets such as Iran and Sudan, as well as unregulated territories.
The Swedish company said Playtech is responsible for the publication of "highly inflammatory and defamatory reports about Evolution's business practices in an effort to harm its reputation". It accused the company of a "smear campaign against Evolution in an effort to eliminate competition in the North American marketplace".
Evolution added: "Today's filing also accuses Playtech of trade libel, fraud and racketeering, as well as withholding information about its conduct from shareholders despite Playtech CEO Mor Weizer's active participation in the preparation and dissemination of the defamatory report."
In response, a Playtech statement on Thursday said it "considers Evolution's claims to be baseless and without merit".
"As previously announced, Playtech stands by both the decision to commission the report at the centre of Evolution's claims, and the validity of its findings," Playtech said.
"Evolution continues to seek to avoid legitimate scrutiny rather than addressing longstanding questions about its own conduct, including its decision to supply operators in both illegal and sanctioned markets and to support unlicensed operators in regulated markets."
The company said was "very confident" that legal proceedings will confirm the credibility of the report, and will "defend itself vigorously" against Evolution's claims.
The stock was down 0.1% at 392p by 1331 GMT, having dropped as much as 6.7% earlier on.
See latest RNS on Investegate.
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