Playstudios Agrees to Pay $6.5 Million to End Securities Lawsuit

Playstudios Inc. agreed to settle a proposed class of shareholders’ claims that it materially misled them ahead of a billion-dollar merger.

The shareholders asked the US District Court for the District of Nevada in an unopposed motion to preliminarily approve its proposed settlement for $6.5 million in cash. They also asked Judge Richard F. Boulware II on Thursday to certify the proposed class and rule that its proposed manner of settlement notice is satisfactory.

“The settlement amount significantly exceeds the average recovery as a percentage of estimated damages in securities class actions, supporting preliminary approval,” the investors said.

The investors ...