NEW YORK, Oct. 11, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that class action lawsuits can be filed on behalf of Lottery.com, Inc. LTRY LTRYW))), NIO, Inc. NEVERDingdong (Cayman) Ltd. DDLand StitchFix, Inc. SFIX. Shareholders have until the deadlines below to petition the court to be lead plaintiff. For more information on each case, see the link provided.
Lottery.com, Inc. LTRY LTRYW)))
Class Period: November 15, 2021 – July 29, 2022
Lead Plaintiff Deadline: October 18, 2022
On July 6, 2022, Lottery.com announced that an internal investigation conducted by an independent attorney had uncovered “incidences of non-compliance with state and federal laws relating to the state in which tickets are sourced and order fulfillment.” . In addition, the investigation revealed “problems related to the company’s internal accounting controls”. Accordingly, on June 30, 2022, the Board of Directors fired the Company’s President, Treasurer and Chief Financial Officer Ryan Dickinson.
As a result of this news, Lottery.com’s stock price fell $0.15 per share, or more than 12%, to close at $1.07 per share on July 6, 2022.
Then, on July 15, 2022, Lottery.com announced that Chief Revenue Officer Matthew Clemenson resigned effective July 11, 2022. The company also provided an update on the independent investigation, previously released on July 6, 2022, and reported that it had “overstated its available unrestricted cash balance by approximately $30 million and related it to the prior fiscal year.” Income improperly recorded in the year was the same amount.” Accordingly, “[t]The Company, in consultation with its external consultants, is currently validating its preliminary conclusion, assessing any impact on previously released financial statements and has begun to implement appropriate remedial actions.”
As a result of this news, Lottery.com stock price fell $0.14 per…
