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Wolf Popper LLP Announces Investigation on Behalf of Investors in DraftKings Inc.

Newsfile Corp.
·2 min read

New York, New York--(Newsfile Corp. - June 15, 2021) -  Wolf Popper LLP is investigating potential securities fraud claims on behalf of purchasers of DraftKings Inc. common stock (NASDAQ: DKNG).

In December 2019, Diamond Eagle Acquisition Corp., a special purpose acquisition company (SPAC), announced it had entered into a 3-way merger with (1) DraftKings, and (2) a Bulgaria-based gaming technology company called SBTech, enabling DraftKings and SBTech to go public.

The merger was approved by a majority vote of the holders of Diamond Eagle common shares. The merger closed on April 23, 2020, and Diamond Eagle changed its name to DraftKings and its stock symbol to "DKNG".

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Before the stock market opened on June 15, 2021, Hindenburg Research issued a report alleging "SBTech has a long and ongoing record of operating in black markets…. We estimate that roughly 50% of SBTech's revenue continues to come from markets where gambling is banned, based on an analysis of DraftKings' SEC filings, conversations with former employees, and supporting documents."

On this news, DraftKings's stock price has fallen $2.61 per share, or over 5%, to $48.01 in early trading on June 15, 2021.

Investors who have lost over $50,000 trading in DraftKings's common stock and who would like to discuss the investigation should contact Joshua Ruthizer at (212) 451-9668, (877) 370-7703, or jruthizer@wolfpopper.com.

Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper's reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm's website at www.wolfpopper.com.

Attorney Advertising: Prior Results Do Not Guarantee A Similar Outcome.

Wolf Popper LLP
Joshua W. Ruthizer
845 Third Avenue
New York, NY 10022
Tel.: (212) 451-9668
Tel.: (877) 370-7703
Email: jruthizer@wolfpopper.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/87642