Buyers With Sizeable Losses Have Opportunity to Lead the DraftKings Inc. Course Action Lawsuit
SAN DIEGO, July 20, 2021 /PRNewswire/ — The DraftKings course motion lawsuit prices DraftKings Inc. (NASDAQ: DKNG) and certain of DraftKings and Diamond Eagle Acquisition Corp.’s (“DEAC”) major executives with violations of the Securities Trade Act of 1934 and seeks to stand for purchasers of DraftKings securities among December 23, 2019 and June 15, 2021, inclusive (the “Course Period of time”). The DraftKings class action lawsuit (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 Decide Paul A. Engelmayer.
If you endured considerable losses and wish to serve as guide plaintiff of the DraftKings class action lawsuit, be sure to deliver your info by clicking right here. You can also make contact with lawyer J.C. Sanchez of Robbins Geller by contacting 800/449-4900 or by means of e-mail at [email protected]. Guide plaintiff motions for the DraftKings course motion lawsuit need to be submitted with the court docket no later than August 31, 2021.
Circumstance ALLEGATIONS: DraftKings was incorporated in Nevada as DEAC NV Merger Corp., a wholly owned subsidiary of its legal predecessor, DEAC, a special objective acquisition enterprise, or SPAC. On April 23, 2020, DEAC consummated transactions and, in connection therewith, DraftKings obtained all of the issued and outstanding share money of SBTech (World-wide) Minimal (“SBTech”). SBTech grew to become a wholly owned subsidiary of DraftKings.
The DraftKings course action lawsuit alleges that, through the Class Time period, defendants built false and misleading statements and failed to disclose that: (i) SBTech experienced a heritage of illegal operations (ii) appropriately, DraftKings’ merger with SBTech exposed DraftKings to dealings in black-current market gaming (iii) this improved DraftKings’ regulatory and felony challenges with regard to these transactions (iv) as a result, DraftKings’ revenues were being, in element, derived from illegal perform and therefore unsustainable (v) accordingly, the added benefits of the SPAC merger have been overstated and (vi) consequently, DraftKings’ public statements were materially fake and deceptive at all suitable moments.
On June 15, 2021, Hindenburg Investigate published a report with regards to DraftKings, alleging that DraftKings’ merger with SBTech uncovered DraftKings to dealings in black-market gaming. Citing “discussions with multiple former employees, a critique of [U.S. Securities and Exchange Commission and] global filings, and inspection of back again-finish infrastructure at illicit intercontinental gaming web sites,” Hindenburg alleged that “SBTech has a prolonged and ongoing document of functioning in black markets,” estimating that 50% of SBTech’s revenue is from marketplaces exactly where gambling is banned. On this information, DraftKings’ stock cost fell extra than 4%, harmful buyers.
Robbins Geller Rudman & Dowd LLP has released a dedicated SPAC Process Power to safeguard investors in blank check out providers and find redress for company malfeasance. Comprised of knowledgeable litigators, investigators, and forensic accountants, the SPAC Job Pressure is focused to rooting out and prosecuting fraud on behalf of wounded SPAC traders. The increase in blank test financing poses exclusive dangers to buyers. Robbins Geller Rudman & Dowd LLP’s SPAC Job Power represents the vanguard of ensuring integrity, honesty, and justice in this quickly developing expense arena.
THE Guide PLAINTIFF Method: The Non-public Securities Litigation Reform Act of 1995 permits any investor who bought DraftKings securities throughout the Class Interval to seek out appointment as guide plaintiff in the DraftKings course motion lawsuit. A direct plaintiff is commonly the movant with the finest money interest in the reduction sought by the putative course who is also usual and enough of the putative course. A lead plaintiff functions on behalf of all other class members in directing the DraftKings course motion lawsuit. The direct plaintiff can select a legislation agency of its option to litigate the DraftKings class action lawsuit. An investor’s capability to share in any opportunity long term recovery of the DraftKings class motion lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 workplaces nationwide, Robbins Geller Rudman & Dowd LLP is the premier U.S. regulation organization symbolizing traders in securities course actions. Robbins Geller lawyers have obtained many of the largest shareholder recoveries in historical past, such as the largest securities course motion restoration at any time – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Solutions Major 50 Report rated Robbins Geller first for recovering $1.6 billion for buyers past calendar year, more than double the total recovered by any other securities plaintiffs’ company. Remember to check out https://www.rgrdlaw.com/agency.html for a lot more info.
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Make contact with:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
[email protected]
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