Evolution AB continues its legal battle in New Jersey to uncover the identity of individuals who made unfounded allegations about the company's operations in 2021. These allegations claimed Evolution provided services to offshore gaming companies in unregulated markets.

In November 2021, Newark-based law firm Calcagni & Kanefsky filed a complaint with the New Jersey Division of Gaming Enforcement (DGE), claiming Evolution conducted business in black markets, including sanctioned countries like Iraq, Sudan, and Syria.

The DGE's investigation concluded in February 2024, finding no regulatory breaches. Evolution was cleared of all wrongdoing, with the DGE stating they found no evidence that Evolution benefited from content offered in prohibited jurisdictions.

Despite the DGE considering the matter closed, Evolution pursued legal action to identify the anonymous group behind the allegations. In August, New Jersey Superior Court Judge John Porto denied Evolution's request for disclosure. Evolution has since appealed this ruling.

Key developments in the ongoing case:

• Evolution filed an Argument and Proposed Findings of Fact and Conclusions of Law
• Both parties must submit supplemental briefs by December 9
• Evolution claims the anonymous group "cherrypicked" witnesses' statements recorded "under false pretenses"
• The company seeks court order to reveal the identity of the Anonymous Investigative Firm

The false allegations significantly impacted Evolution's market value, causing approximately $10 billion in market capitalization losses. The company's stock price dropped from $162 to around $90, though other factors have also influenced this decline.

The anonymous group, represented by a New York City-based PR firm, claims to be a US-based entity but not a direct competitor of Evolution. Their identity remains protected while legal proceedings continue.

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