| COMPANY |
DraftKings Inc. f/k/a Diamond Eagle Acquisition |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
21-cv-05739 |
| JUDGE |
The Honorable Paul A. Engelmayer |
| CLASS PERIOD |
December 23, 2019 - June 15, 2021 |
| SECURITY TYPE |
All Securities |
Case Background:
The Class Period commences on December 23, 2019, when DraftKings Inc. issued a press release announcing the Business Combination. Throughout the Class Period, the Defendants touted the acquisition of SBTech and its business.
The complaint alleges that throughout the Class Period, the Defendants made false and/or misleading statements and/or failed to disclose that: (1) SBTech had a history of unlawful operations; (2) accordingly, DraftKings’ merger with SBTech exposed it to dealings in black-market gaming; (3) the foregoing increased DraftKings’ regulatory and criminal risks with respect to these transactions; (4) as a result of all the foregoing, DraftKings’ revenues were, in part, derived from unlawful conduct and thus unsustainable; (5) accordingly, the benefits of the Business Combination were overstated; and (6) as a result, DraftKings’ public statements were materially false and misleading at all relevant times.
Current Status of Case:
On January 10, 2023, the Court granted Defendants’ Motion to Dismiss the complaint with prejudice, and Judgment was entered closing the case. This action has concluded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.