Court Denies Evolution’s Request to Unmask Anonymous Report Sponsors

24.04.2024

Judge John C. Porto of the New Jersey Superior Court has deferred the decision to reveal the identities behind a contentious anonymous report targeting Evolution.

Background of the Controversy

The legal conflict initiated stems from an anonymous report published in 2021, which cast severe aspersions on the company’s operations.

The report, prepared and disseminated by the law firm Calcagni & Kanefsky, alleged that Evolution was engaging in business practices within jurisdictions that were under sanctions.

This report, claiming to represent the interests of an undisclosed competitor, triggered significant market repercussions for Evolution, leading to a precipitous drop in market capitalization amounting to billions.

Regulatory Response

The dispute has also engaged state gaming regulators, with the New Jersey Division of Gaming Enforcement (DGE) concluding earlier that there was no evidence to support the allegations made in the report.

This conclusion was a crucial reprieve for Evolution, affirming the company’s compliance with industry regulations despite the severe reputational and financial impacts that followed the report’s release.

A Legal Quagmire

As Evolution seeks redress in the courts, the complexity of the case unfolds in the New Jersey legal system.

The company’s request to unveil the sponsors behind the damaging report was met with judicial hesitation, as Judge John C. Porto called for more evidence before a decision could be rendered.