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PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

LAWSUIT FILED: DraftKings Sued for Securities Fraud; Investors Should Contact Block & ...

July 9, 2021 GMT

BOSTON, July 09, 2021 (GLOBE NEWSWIRE) -- Block & Leviton announces that a class action lawsuit has been filed against DraftKings Inc. (NASDAQ: DKNG) (“DraftKings” or “the Company”) and certain of its officers for securities fraud. Investors who purchased shares between December 23, 2019 and June 15, 2021 and lost money are encouraged to contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/dkng.

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What is this all about?

On June 15, 2021, before the market opened, Hindenburg Research published a report titled “DraftKings: A $21 Billion SPAC Betting It Can Hide Its Black Market Operations.” The report cites concerns over the Company’s merger with SBTech, a Bulgaria-based gaming technology company that allegedly deals in black market gaming, money laundering, and organized crime. Hindenburg estimates that 50% of SBTech’s revenue comes from markets where gambling is banned “in sharp contrast to the clean image of DraftKing’s brand-conscious partners, including the NFL, NBA, NASCAR, UFC, and PGA.” On this news, the stock price fell $2.11 per share, or 4.17%, to close at $48.51 per share on June 15, 2021.

Who is eligible?

Anyone who purchased DraftKings shares between December 23, 2019 through June 15, 2021 is eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.

What should you do next?

The deadline to seek appointment as lead plaintiff is August 31, 2021. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

If you’ve lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at cases@blockleviton.com, or by phone at (617) 398-5600.

Why should you contact Block & Leviton?

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Many law firms have issued releases about this matter; most of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation’s top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email cases@blockleviton.com with any questions.

This notice may constitute attorney advertising.

CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email:  cases@blockleviton.com  

SOURCE: Block & Leviton LLP
www.blockleviton.com