New Jersey Judge to Rule on Stay in Evolution Market Report Case

A long-standing legal dispute involving Evolution and a 2021 market report is reaching a critical juncture.

On March 28, a New Jersey judge will rule on whether to grant a stay, delaying the revelation of key entities behind the report.

The original report caused billions in losses for Evolution, despite the company being cleared of allegations by U.S. regulators.

With the court pressing for transparency, the decision could finally expose who commissioned the report and why.

Judge to Decide on Stay in Evolution’s Market Report Legal Battle

Key Points:

• Judge John C. Porto ruled that the firm and entity behind the 2021 Evolution market report must be disclosed in discovery.
• The defendants filed an emergency stay request, arguing for further appeal, with a ruling on the stay expected on March 28.
• Evolution strongly opposes the stay, calling the appeal “meritless” and accusing the defense of deliberate delays.

Legal Dispute Over Market Report Nears Critical Decision

A New Jersey court is set to rule on a pivotal motion in the ongoing legal dispute over Evolution’s 2021 prohibited markets report, which resulted in a significant share price drop for the company.

Judge John C. Porto previously ruled that the investigative firm responsible for compiling the report, along with the mystery entity that commissioned it, must be revealed during the discovery process.

The ruling followed U.S. regulatory clearances, with both the New Jersey Division of Gaming Enforcement (DGE) and the Pennsylvania Gaming Control Board (PGCB) dismissing allegations in the report last year.

The case, which has been ongoing for several years, could soon uncover the identity of those who initiated the damaging investigation into Evolution’s market practices.

Defendants Fight to Keep Identities Hidden

Following Judge Porto’s ruling, law firm Calcagni & Kanefsky LLP (CK)—representing the unnamed defendants—filed a motion for an emergency stay to prevent disclosure while appealing to a higher court.

The court has scheduled a hearing on March 28 to determine whether the stay will be granted or if the disclosure must proceed.

Evolution, however, has strongly opposed the motion, filing an official brief rejecting the stay request.

Evolution Labels Appeal as ‘Meritless’

In its response, Evolution’s legal team dismissed the appeal as groundless, stating that the court had already thoroughly followed the Appellate Division’s instructions.

“Defendants’ forthcoming appeal is meritless because the court carefully followed the Appellate Division’s instructions, gave defendants every conceivable process along the way, and reached the correct (and only reasonable) conclusion,” Evolution’s attorneys argued.

They further claimed that the defendants were using the stay request as a tactic to delay disclosure, preventing the true parties behind the market report controversy from being exposed.

The legal team also noted that this matter had already been appealed to the Appellate Court in May 2022, where the decision was remanded to the Superior Court. The Appellate Court had previously ruled that the truthfulness of the report should determine whether the identity of its clients must be disclosed.

Final Legal Showdown on March 28

As the case moves closer to a resolution, the court’s decision on March 28 will determine whether the long-awaited disclosure will finally take place or if further legal maneuvers will prolong the battle.

• If the stay is denied, Evolution may gain access to key information regarding the origins and motives behind the damaging market report.
• If granted, the legal fight could drag on, keeping the report’s backers in the shadows for the foreseeable future.

With billions in market value at stake and far-reaching implications for gambling industry regulations, this case could set a precedent for future disputes involving investigative reports and market manipulation.