DRAFTKINGS Investor Inform: Robbins Geller Rudman & Dowd LLP Announces Option for Buyers with Substantial Losses to Lead the DraftKings Inc. Class Motion Lawsuit
SAN DIEGO, July 08, 2021 (World NEWSWIRE) — The DraftKings Inc. class motion lawsuit expenses DraftKings (NASDAQ: DKNG) and specific of DraftKings and Diamond Eagle Acquisition Corp.’s (“DEAC”) top executives with violations of the Securities Trade Act of 1934 and seeks to stand for purchasers of DraftKings securities concerning December 23, 2019 and June 15, 2021, inclusive (the “Class Period”). The DraftKings course motion 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 Choose Paul A. Engelmayer.
If you experienced significant losses and desire to provide as direct plaintiff of the DraftKings class motion lawsuit or have thoughts regarding your legal rights with regards to the DraftKings class motion lawsuit, remember to give your data in this article or get hold of, J.C. Sanchez of Robbins Geller, at 800/449-4900 or 619/231-1058 or through e-mail at [email protected]. Direct plaintiff motions for the DraftKings course action lawsuit will have to be filed with the court no later than August 31, 2021.
Scenario ALLEGATIONS: DraftKings was included in Nevada as DEAC NV Merger Corp., a wholly owned subsidiary of its legal predecessor, DEAC, a special objective acquisition company, or SPAC. On April 23, 2020, DEAC consummated transactions and, in link therewith, DraftKings obtained all of the issued and excellent share capital of SBTech (World-wide) Confined (“SBTech”). SBTech became a wholly owned subsidiary of DraftKings.
The DraftKings course motion lawsuit alleges that, all over the Course Time period, defendants designed false and deceptive statements and failed to disclose that: (i) SBTech experienced a historical past of unlawful operations (ii) appropriately, DraftKings’ merger with SBTech exposed DraftKings to dealings in black-industry gaming (iii) this improved DraftKings’ regulatory and prison threats with regard to these transactions (iv) as a result, DraftKings’ revenues were, in part, derived from illegal carry out and hence unsustainable (v) accordingly, the positive aspects of the SPAC merger have been overstated and (vi) for that reason, DraftKings’ general public statements were materially fake and deceptive at all relevant periods.
On June 15, 2021, Hindenburg Study released a report with regards to DraftKings, alleging that DraftKings’ merger with SBTech uncovered DraftKings to dealings in black-industry gaming. Citing “conversations with various former staff members, a evaluate of [U.S. Securities and Exchange Commission and] global filings, and inspection of again-close infrastructure at illicit global gaming web-sites,” Hindenburg alleged that “SBTech has a prolonged and ongoing history of functioning in black marketplaces,” estimating that 50% of SBTech’s earnings is from marketplaces in which gambling is banned. On this news, DraftKings’ inventory selling price fell a lot more than 4%, damaging investors.
Robbins Geller Rudman & Dowd LLP has released a devoted SPAC Endeavor Power to defend traders in blank test providers and look for redress for corporate malfeasance. Comprised of knowledgeable litigators, investigators, and forensic accountants, the SPAC Endeavor Power is focused to rooting out and prosecuting fraud on behalf of injured SPAC traders. The increase in blank examine financing poses one of a kind challenges to buyers. Robbins Geller Rudman & Dowd LLP’s SPAC Activity Drive represents the vanguard of making certain integrity, honesty, and justice in this promptly establishing investment arena.
THE Guide PLAINTIFF Course of action: The Personal Securities Litigation Reform Act of 1995 permits any trader who ordered DraftKings securities during the Class Time period to find appointment as direct plaintiff in the DraftKings course action lawsuit. A lead plaintiff is usually the movant with the greatest monetary fascination in the relief sought by the putative class who is also regular and satisfactory of the putative class. A lead plaintiff acts on behalf of all other class members in directing the DraftKings course action lawsuit. The direct plaintiff can select a regulation business of its selection to litigate the DraftKings course action lawsuit. An investor’s ability to share in any possible future restoration of the DraftKings course motion lawsuit is not dependent on serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 legal professionals in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the premier U.S. law organization representing investors in securities course steps. Robbins Geller attorneys have acquired lots of of the greatest shareholder recoveries in background, which includes the premier securities course motion recovery at any time – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Course Action Solutions Leading 50 Report ranked Robbins Geller to start with for recovering $1.6 billion for investors very last calendar year, more than double the volume recovered by any other securities plaintiffs’ agency. You should take a look at https://www.rgrdlaw.com/company.html for extra data.
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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]