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Playtech Plc shares fell as much as 39%, erasing more than £400 million ($535 million) of market value, after Swedish rival Evolution AB accused the British gambling technology group of commissioning a smear campaign in an attempt to “destroy its reputation.” Playtech hired Black Cube and paid the intelligence firm more than £1.8 million “to fabricate a report they knew would have extremely harmful repercussions,” Evolution said in a statement Tuesday. Playtech said it stands by the decisionBloomberg Terminal to commission a report on Evolution and that it’s confident court proceedings will confirm its credibility.
