Investors With Sizeable Losses Have Option to Direct the DraftKings Inc. Class Motion Lawsuit

San Diego, California–(Newsfile Corp. – July 24, 2021) – The DraftKings course action lawsuit prices DraftKings Inc. (NASDAQ: DKNG) and certain of DraftKings and Diamond Eagle Acquisition Corp.’s (“DEAC”) best executives with violations of the Securities Trade Act of 1934 and seeks to represent purchasers of DraftKings securities involving December 23, 2019 and June 15, 2021, inclusive (the “Course Interval”). The DraftKings course motion lawsuit is captioned Rodriguez v. DraftKings Inc. f/k/a Diamond Eagle Acquisition Corp., No. 21-cv-05739, was commenced on July 2, 2021 in the Southern District of New York, and is assigned to Choose Paul A. Engelmayer.

If you experienced sizeable losses and want to provide as guide plaintiff of the DraftKings class motion lawsuit, be sure to provide your facts by clicking below. You can also get in touch with attorney J.C. Sanchez of Robbins Geller by contacting 800/449-4900 or by way of e-mail at [email protected]. Lead plaintiff motions for the DraftKings course action lawsuit will have to be filed with the court docket no afterwards than August 31, 2021.

Case ALLEGATIONS: DraftKings was incorporated in Nevada as DEAC NV Merger Corp., a wholly owned subsidiary of its legal predecessor, DEAC, a unique intent acquisition company, or SPAC. On April 23, 2020, DEAC consummated transactions and, in link therewith, DraftKings acquired all of the issued and excellent share cash of SBTech (Worldwide) Restricted (“SBTech”). SBTech became a wholly owned subsidiary of DraftKings.

The DraftKings class motion lawsuit alleges that, throughout the Class Interval, defendants designed phony and deceptive statements and failed to disclose that: (i) SBTech experienced a background of illegal operations (ii) accordingly, DraftKings’ merger with SBTech uncovered DraftKings to dealings in black-current market gaming (iii) this improved DraftKings’ regulatory and criminal hazards with regard to these transactions (iv) as a result, DraftKings’ revenues have been, in portion, derived from unlawful perform and so unsustainable (v) appropriately, the gains of the SPAC merger ended up overstated and (vi) consequently, DraftKings’ community statements were materially untrue and misleading at all applicable instances.

On June 15, 2021, Hindenburg Analysis published a report concerning DraftKings, alleging that DraftKings’ merger with SBTech exposed DraftKings to dealings in black-sector gaming. Citing “discussions with multiple former staff, a review of [U.S. Securities and Exchange Commission and] global filings, and inspection of again-stop infrastructure at illicit global gaming sites,” Hindenburg alleged that “SBTech has a lengthy and ongoing file of running in black markets,” estimating that 50% of SBTech’s earnings is from markets exactly where gambling is banned. On this news, DraftKings’ inventory value fell additional than 4%, harming buyers.

Robbins Geller Rudman & Dowd LLP has launched a devoted SPAC Task Pressure to secure investors in blank test firms and find redress for corporate malfeasance. Comprised of skilled litigators, investigators, and forensic accountants, the SPAC Undertaking Drive is committed to rooting out and prosecuting fraud on behalf of wounded SPAC traders. The increase in blank look at financing poses special pitfalls to buyers. Robbins Geller Rudman & Dowd LLP’s SPAC Undertaking Power signifies the vanguard of guaranteeing integrity, honesty, and justice in this swiftly producing investment decision arena.

THE Guide PLAINTIFF Method: The Personal Securities Litigation Reform Act of 1995 permits any trader who procured DraftKings securities for the duration of the Course Time period to seek appointment as direct plaintiff in the DraftKings class motion lawsuit. A lead plaintiff is typically the movant with the biggest fiscal fascination in the relief sought by the putative class who is also common and sufficient of the putative class. A guide plaintiff acts on behalf of all other class associates in directing the DraftKings class action lawsuit. The guide plaintiff can select a regulation agency of its decision to litigate the DraftKings course motion lawsuit. An investor’s ability to share in any prospective long term recovery of the DraftKings class action lawsuit is not dependent on serving as lead plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 places of work nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. regulation firm symbolizing traders in securities course actions. Robbins Geller attorneys have obtained several of the premier shareholder recoveries in background, such as the major securities class action recovery at any time – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Course Action Providers Top 50 Report ranked Robbins Geller initially for recovering $1.6 billion for investors past calendar year, extra than double the amount of money recovered by any other securities plaintiffs’ firm. Please stop by https://www.rgrdlaw.com/company.html for extra details.

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Speak to:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
[email protected]