Evolution has secured a decisive win in the United States after the dismissal of a securities fraud class action and the expiry of the appeal period, officially ending the long-standing case. The lawsuit, filed in the U.S. District Court for the Eastern District of Pennsylvania, had alleged that Evolution and its executives misled investors in unsponsored ADRs linked to its Stockholm-listed shares between 2019 and 2023.
On 5 September, Judge Mia Roberts Perez dismissed the case with prejudice, ruling that Evolution AB, a Swedish entity, cannot be held liable under U.S. securities law. The judge emphasized that the company maintains a “clear corporate separation” from its U.S. subsidiaries, each operating independently with separate management, workforce, and compliance functions.
The court also concluded that Evolution’s limited U.S. operations did not establish personal jurisdiction, as the company had no involvement in issuing ADRs. The dismissal permanently ends the case, marking a significant vindication for the iGaming supplier.
CEO Martin Carlesund described the decision as “another win” for Evolution, reinforcing its global credibility and commitment to regulatory integrity. This development coincides with a separate legal resolution in New Jersey, where the state’s Supreme Court upheld an order requiring a private intelligence firm to reveal the client behind a 2021 attempt to discredit Evolution.
Together, these outcomes close nearly five years of legal challenges, cementing Evolution’s position as a compliant, transparent, and well-governed leader in the global iGaming market.
