(Bloomberg) -- Shares of online gambling company Evolution AB fell the most in three years after the UK Gambling Commission opened a review of the firm’s operations.

The British agency opened a review of Evolution’s subsidiary after determining that the company’s games were accessible through operators that don’t hold a UK license, according to a statement from Evolution on Friday after markets closed. The company said such a review could lead to penalties or a suspension of a gaming license.

Shares dropped as much as 12% on Monday, the largest decline since Nov. 25, 2021. 

In a statement on Friday, Evolution Chief Executive Officer Martin Carlesund said the company was taking “forceful action” to ensure its games are only available in the UK through approved operators. Evolution said about 3% of its sales come from the UK.

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