{"id":515435,"date":"2021-07-20T20:04:10","date_gmt":"2021-07-21T00:04:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/dkng-deadline-investors-with-substantial-losses-have-opportunity-to-lead-the-draftkings-inc-class-action-lawsuit\/"},"modified":"2021-07-20T20:04:10","modified_gmt":"2021-07-21T00:04:10","slug":"dkng-deadline-investors-with-substantial-losses-have-opportunity-to-lead-the-draftkings-inc-class-action-lawsuit","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/dkng-deadline-investors-with-substantial-losses-have-opportunity-to-lead-the-draftkings-inc-class-action-lawsuit\/","title":{"rendered":"DKNG DEADLINE: Investors With Substantial Losses Have Opportunity to Lead the DraftKings Inc. Class Action Lawsuit"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">SAN DIEGO<\/span>, <span class=\"xn-chron\">July 20, 2021<\/span> \/PRNewswire\/ &#8212; The <i>DraftKings<\/i> class action lawsuit charges DraftKings Inc. (NASDAQ: DKNG) and certain of DraftKings and Diamond Eagle Acquisition Corp.&#8217;s (&#8220;DEAC&#8221;) top executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of DraftKings securities between <span class=\"xn-chron\">December 23, 2019<\/span> and <span class=\"xn-chron\">June 15, 2021<\/span>, inclusive (the &#8220;Class Period&#8221;).\u00a0 The <i>DraftKings <\/i>class action lawsuit (<i>Rodriguez v. DraftKings Inc. f\/k\/a Diamond Eagle Acquisition Corp.<\/i>, No. 21-cv-05739) was commenced on <span class=\"xn-chron\">July 2, 2021<\/span> in the Southern District of <span class=\"xn-location\">New York<\/span> and is assigned to Judge <span class=\"xn-person\">Paul A. Engelmayer<\/span>.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/198876\/robbins_geller_rudman_and_dowd_llp_logo.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/198876\/robbins_geller_rudman_and_dowd_llp_logo.jpg\" title=\"Robbins Geller, with 200 lawyers in ten offices, represents U.S. and international institutional investors in contingency-based securities and corporate litigation. The firm has obtained many of the largest securities class action recoveries in history, including the largest securities class action judgment. Please visit  http:\/\/www.rgrdlaw.com for more information. (PRNewsFoto\/Robbins Geller Rudman &amp; Dowd LLP)\" alt=\"Robbins Geller, with 200 lawyers in ten offices, represents U.S. and international institutional investors in contingency-based securities and corporate litigation. The firm has obtained many of the largest securities class action recoveries in history, including the largest securities class action judgment. Please visit  http:\/\/www.rgrdlaw.com for more information. (PRNewsFoto\/Robbins Geller Rudman &amp; Dowd LLP)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>\n        <b>If you suffered substantial losses and wish to serve as lead plaintiff of the <i>DraftKings<\/i> class action lawsuit, please <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3232954-1&amp;h=423930784&amp;u=https%3A%2F%2Fwww.rgrdlaw.com%2Fcases-draftkings-inc-f-k-a-diamond-eagle-class-action-lawsuit.html&amp;a=provide+your+information+by+clicking+here\" rel=\"nofollow noopener\">provide your information by clicking here<\/a>.\u00a0 You can also contact attorney <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3232954-1&amp;h=488073486&amp;u=https%3A%2F%2Fwww.rgrdlaw.com%2Fattorneys-Juan-Carlos-Sanchez.html&amp;a=J.C.+Sanchez\" rel=\"nofollow noopener\">J.C. Sanchez<\/a> of Robbins Geller by calling 800\/449-4900 or via e-mail at <a target=\"_blank\" href=\"mailto:jsanchez@rgrdlaw.com\" rel=\"nofollow noopener\">jsanchez@rgrdlaw.com<\/a>.\u00a0 Lead plaintiff motions for the <i>DraftKings<\/i> class action lawsuit must be filed with the court no later than <span class=\"xn-chron\">August 31, 2021<\/span>.<\/b>\n      <\/p>\n<p>\n        <b>CASE ALLEGATIONS<\/b>: DraftKings was incorporated in <span class=\"xn-location\">Nevada<\/span> as DEAC NV Merger Corp., a wholly owned subsidiary of its legal predecessor, DEAC, a special purpose acquisition company, or SPAC.\u00a0 On <span class=\"xn-chron\">April 23, 2020<\/span>, DEAC consummated transactions and, in connection therewith, DraftKings acquired all of the issued and outstanding share capital of SBTech (Global) Limited (&#8220;SBTech&#8221;).\u00a0 SBTech became a wholly owned subsidiary of DraftKings.<\/p>\n<p>The <i>DraftKings<\/i> class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) SBTech had a history of unlawful operations; (ii) accordingly, DraftKings&#8217; merger with SBTech exposed DraftKings to dealings in black-market gaming; (iii) this increased DraftKings&#8217; regulatory and criminal risks with respect to these transactions; (iv) as a result, DraftKings&#8217; revenues were, in part, derived from unlawful conduct and thus unsustainable; (v) accordingly, the benefits of the SPAC merger were overstated; and (vi) consequently, DraftKings&#8217; public statements were materially false and misleading at all relevant times.<\/p>\n<p>On <span class=\"xn-chron\">June 15, 2021<\/span>, Hindenburg Research published a report regarding DraftKings, alleging that DraftKings&#8217; merger with SBTech exposed DraftKings to dealings in black-market gaming.\u00a0 Citing &#8220;conversations with multiple former employees, a review of [U.S. Securities and Exchange Commission and] international filings, and inspection of back-end infrastructure at illicit international gaming websites,&#8221; Hindenburg alleged that &#8220;SBTech has a long and ongoing record of operating in black markets,&#8221; estimating that 50% of SBTech&#8217;s revenue is from markets where gambling is banned.\u00a0 On this news, DraftKings&#8217; stock price fell more than 4%, damaging investors.<\/p>\n<p>Robbins <span class=\"xn-person\">Geller Rudman<\/span> &amp; Dowd LLP has launched <b><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3232954-1&amp;h=3964552719&amp;u=https%3A%2F%2Fwww.rgrdlaw.com%2Fservices-litigation-spac-blank-check-task-force.html&amp;a=a+dedicated+SPAC+Task+Force\" rel=\"nofollow noopener\">a dedicated SPAC Task Force<\/a><\/b> to protect investors in blank check companies and seek redress for corporate malfeasance.\u00a0 Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors.\u00a0 The rise in blank check financing poses unique risks to investors.\u00a0 Robbins Geller Rudman &amp; Dowd LLP&#8217;s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.<\/p>\n<p>\n        <b>THE LEAD PLAINTIFF PROCESS<\/b>: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased DraftKings securities during the Class Period to seek appointment as lead plaintiff in the <i>DraftKings<\/i> class action lawsuit.\u00a0 A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.\u00a0 A lead plaintiff acts on behalf of all other class members in directing the <i>DraftKings<\/i> class action lawsuit.\u00a0 The lead plaintiff can select a law firm of its choice to litigate the <i>DraftKings<\/i> class action lawsuit.\u00a0 An investor&#8217;s ability to share in any potential future recovery of the <i>DraftKings<\/i> class action lawsuit is not dependent upon serving as lead plaintiff.<\/p>\n<p>\n        <b>ABOUT ROBBINS GELLER RUDMAN &amp; DOWD LLP<\/b>: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman &amp; Dowd LLP is the largest U.S. law firm representing investors in securities class actions.\u00a0 Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever \u2013 <span class=\"xn-money\">$7.2 billion<\/span> \u2013 <i>in In re Enron Corp. Sec. Litig.<\/i>\u00a0 The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering <span class=\"xn-money\">$1.6 billion<\/span> for investors last year, more than double the amount recovered by any other securities plaintiffs&#8217; firm.\u00a0 Please visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3232954-1&amp;h=4051094777&amp;u=https%3A%2F%2Fwww.rgrdlaw.com%2Ffirm.html&amp;a=https%3A%2F%2Fwww.rgrdlaw.com%2Ffirm.html\" rel=\"nofollow noopener\">https:\/\/www.rgrdlaw.com\/firm.html<\/a> for more information.<\/p>\n<p>Attorney advertising.<br \/>Past results do not guarantee future outcomes.<br \/>Services may be performed by attorneys in any of our offices.<\/p>\n<p>Contact:<br \/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Robbins Geller Rudman &amp; Dowd LLP<br \/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 655 W. Broadway, <span class=\"xn-location\">San Diego<\/span>, CA\u00a0 92101\u00a0<br \/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 J.C. Sanchez, 800-449-4900<br \/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a target=\"_blank\" href=\"mailto:jsanchez@rgrdlaw.com\" rel=\"nofollow noopener\">jsanchez@rgrdlaw.com<\/a><\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=LA48242&amp;sd=2021-07-20\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/dkng-deadline-investors-with-substantial-losses-have-opportunity-to-lead-the-draftkings-inc-class-action-lawsuit-301336892.html\">https:\/\/www.prnewswire.com\/news-releases\/dkng-deadline-investors-with-substantial-losses-have-opportunity-to-lead-the-draftkings-inc-class-action-lawsuit-301336892.html<\/a><\/p>\n<p>SOURCE  Robbins Geller Rudman &amp; Dowd LLP<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=LA48242&amp;Transmission_Id=202107202001PR_NEWS_USPR_____LA48242&amp;DateId=20210720\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire SAN DIEGO, July 20, 2021 \/PRNewswire\/ &#8212; The DraftKings class action lawsuit charges DraftKings Inc. (NASDAQ: DKNG) and certain of DraftKings and Diamond Eagle Acquisition Corp.&#8217;s (&#8220;DEAC&#8221;) top executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of DraftKings securities between December 23, 2019 and June 15, 2021, inclusive (the &#8220;Class Period&#8221;).\u00a0 The DraftKings class action 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 Judge Paul A. Engelmayer. If you suffered substantial losses and wish to serve as lead plaintiff of the DraftKings class action lawsuit, please provide your information by &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/dkng-deadline-investors-with-substantial-losses-have-opportunity-to-lead-the-draftkings-inc-class-action-lawsuit\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;DKNG DEADLINE: Investors With Substantial Losses Have Opportunity to Lead the DraftKings Inc. Class Action Lawsuit&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-515435","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>DKNG DEADLINE: Investors With Substantial Losses Have Opportunity to Lead the DraftKings Inc. Class Action Lawsuit - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/dkng-deadline-investors-with-substantial-losses-have-opportunity-to-lead-the-draftkings-inc-class-action-lawsuit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DKNG DEADLINE: Investors With Substantial Losses Have Opportunity to Lead the DraftKings Inc. Class Action Lawsuit - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire SAN DIEGO, July 20, 2021 \/PRNewswire\/ &#8212; The DraftKings class action lawsuit charges DraftKings Inc. (NASDAQ: DKNG) and certain of DraftKings and Diamond Eagle Acquisition Corp.&#8217;s (&#8220;DEAC&#8221;) top executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of DraftKings securities between December 23, 2019 and June 15, 2021, inclusive (the &#8220;Class Period&#8221;).\u00a0 The DraftKings class action 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 Judge Paul A. Engelmayer. If you suffered substantial losses and wish to serve as lead plaintiff of the DraftKings class action lawsuit, please provide your information by &hellip; Continue reading &quot;DKNG DEADLINE: Investors With Substantial Losses Have Opportunity to Lead the DraftKings Inc. 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Class Action Lawsuit - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/dkng-deadline-investors-with-substantial-losses-have-opportunity-to-lead-the-draftkings-inc-class-action-lawsuit\/","og_locale":"en_US","og_type":"article","og_title":"DKNG DEADLINE: Investors With Substantial Losses Have Opportunity to Lead the DraftKings Inc. Class Action Lawsuit - Market Newsdesk","og_description":"PR Newswire SAN DIEGO, July 20, 2021 \/PRNewswire\/ &#8212; The DraftKings class action lawsuit charges DraftKings Inc. (NASDAQ: DKNG) and certain of DraftKings and Diamond Eagle Acquisition Corp.&#8217;s (&#8220;DEAC&#8221;) top executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of DraftKings securities between December 23, 2019 and June 15, 2021, inclusive (the &#8220;Class Period&#8221;).\u00a0 The DraftKings class action 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 Judge Paul A. Engelmayer. If you suffered substantial losses and wish to serve as lead plaintiff of the DraftKings class action lawsuit, please provide your information by &hellip; Continue reading \"DKNG DEADLINE: Investors With Substantial Losses Have Opportunity to Lead the DraftKings Inc. Class Action Lawsuit\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/dkng-deadline-investors-with-substantial-losses-have-opportunity-to-lead-the-draftkings-inc-class-action-lawsuit\/","og_site_name":"Market Newsdesk","article_published_time":"2021-07-21T00:04:10+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/198876\/robbins_geller_rudman_and_dowd_llp_logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/dkng-deadline-investors-with-substantial-losses-have-opportunity-to-lead-the-draftkings-inc-class-action-lawsuit\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/dkng-deadline-investors-with-substantial-losses-have-opportunity-to-lead-the-draftkings-inc-class-action-lawsuit\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"DKNG DEADLINE: Investors With Substantial Losses Have Opportunity to Lead the DraftKings Inc. 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