Whistleblower or market manipulator? Evolution AB’s accuser fights to stay hidden

March 5, 2025

Whistleblower or market manipulator? Evolution AB’s accuser fights to stay hidden

The legal drama surrounding Evolution AB has taken another sharp turn. Just days after a New Jersey court ordered the disclosure of the anonymous source behind a 2021 report that caused Evolution’s stock to nosedive, Calcagni & Kanefsky (C&K), the law firm representing the accuser, is scrambling to keep their client’s identity under wraps.

How it all started

Back in 2021, an explosive anonymous report accused Evolution AB, a leading online casino provider, of operating in banned jurisdictions. The fallout was immediate—investors panicked, and the Nasdaq Stockholm-listed company’s market value plunged by €2 billion almost overnight.

Evolution has strongly denied any wrongdoing, calling the report a targeted attack designed to manipulate the market and damage its reputation. In response, the company launched a legal battle to unmask the source behind the allegations, arguing that the accuser used deceptive tactics, including coercing false statements from employees to build their case. The New Jersey DGE conducted a thorough review and, in 2024, concluded that there was no evidence to support claims that Evolution operated in prohibited jurisdictions.

Court orders accuser’s identity revealed

On 28 February 2025, a New Jersey Superior Court judge ruled in favour of Evolution, ordering law firm Calcagni & Kanefsky (C&K) to reveal the identities of those behind the 2021 report. The court gave them a deadline of March 7 to comply.

But in a last-minute effort to shield their client, C&K has filed an emergency appeal to block the order, arguing that forcing disclosure could put the accuser at risk of retaliation and chill future whistleblower activity. This legal manoeuvre has now paused the disclosure process, at least temporarily, while the court reviews the motion.

As reported by NEXT.io, C&K attorneys said in a recent filing: “(C&K) will suffer substantial, immediate and irreparable harm absent a stay because (i) it will be forced to disclose confidential client information, a disclosure that cannot be undone; and (ii) disclosure of the identities of the investigative firm and its client will moot (C&K’s) appeal of the February 28 Order, thus insulating that ruling from appellate review.”

What happens next?

The court’s next move is critical. If the appeal is denied, Evolution could soon uncover who was behind the damaging report, potentially setting the stage for further legal action. If the court sides with C&K, the accuser may remain in the shadows—at least for now.

Beyond just Evolution, this case has massive implications for the wider gaming industry and corporate whistleblowers. If the court forces disclosure, it could change how anonymous reports against major corporations are handled in the future. On the other hand, if the accuser stays protected, it may embolden others to make similar claims against large companies—without fear of exposure.

SiGMA News has approached both Evolution AB and the law firm Calcagni & Kanefsky, for comments on specific questions regarding the latest developments in the case. The queries have been unanswered until the time of publication.

Evolution AB (Nasdaq Stockholm: EVO) was trading 1.35 percent higher at 825.60 SEK at the time of publication on 5 March 2025. To date, the company’s shares have fallen close to 50 percent from its all-time high of 1,709.0 SEK in April 2021.