Trending...
- xREnergy up as much as +3,094,634% on first day listed on the XRP Ledger. Ticker : $XRE
- The Tide Project Opens at Biennale Architettura 2025 in Venice Amplifying Youth Voices
- Bonelli Systems Expands Managed IT Services Nationwide, Leveraging Microsoft Azure Expertise
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Lottery.com Inc. f/k/a Trident Acquisitions Corp. ("Lottery.com" or the "Company") (NASDAQ: LTRY) investors concerning the Company's possible violations of federal securities laws.
On July 6, 2022, Lottery.com disclosed that an internal investigation had uncovered "instances of non-compliance with state and federal laws concerning the state in which tickets are procured as well as order fulfillment" and "issues pertaining to the Company's internal accounting controls." The Company also disclosed that it had terminated Ryan Dickinson, the Company's President, Treasurer, and Chief Financial Officer.
On this news, Lottery.com's stock price fell $0.15, or 12.3%, to close at $1.07 per share on July 6, 2022, thereby injuring investors.
More on The PennZone
Then, on July 15, 2022, after the markets closed, Lottery.com announced that its Chief Revenue Officer had resigned. The Company also reported that, after a review of its cash balances, its revenue recognition policies and procedures, and other internal accounting controls, it had "overstated its available unrestricted cash balance by approximately $30 million and that, relatedly, in the prior fiscal year, it improperly recognized revenue in the same amount."
On this news, Lottery.com's stock price fell $0.14, or 14.6%, to close at $0.82 per share on July 16, 2022, thereby injuring investors further.
Then, on July 29, 2022, the Company disclosed that it did not have "sufficient financial resources to fund its operations or pay certain existing obligations" and that it intended to furlough certain employees. The Company also stated that "there is substantial doubt about [its] ability to continue as a going concern" and it may be forced to wind down its operations or pursue liquidation of its assets.
On this news, Lottery.com's stock price fell $0.52, or 64.2%, to close at $0.29 per share on July 29, 2022, thereby injuring investors further.
More on The PennZone
If you purchased Lottery.com securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
On July 6, 2022, Lottery.com disclosed that an internal investigation had uncovered "instances of non-compliance with state and federal laws concerning the state in which tickets are procured as well as order fulfillment" and "issues pertaining to the Company's internal accounting controls." The Company also disclosed that it had terminated Ryan Dickinson, the Company's President, Treasurer, and Chief Financial Officer.
On this news, Lottery.com's stock price fell $0.15, or 12.3%, to close at $1.07 per share on July 6, 2022, thereby injuring investors.
More on The PennZone
- Exciting First Five Months Of 2025 At Aiatranslations
- Fairmint Introduces First Fully Onchain and Open Cap Table Infrastructure
- Vortex Brands Begins Gold Purchases Under New Joint Venture with Dubai-Based Partner
- Author Chandra Donelson Visits the Children's Museum of Pittsburgh
- Chandra Donelson Headlines the Hike2 Innovation Summit 2025
Then, on July 15, 2022, after the markets closed, Lottery.com announced that its Chief Revenue Officer had resigned. The Company also reported that, after a review of its cash balances, its revenue recognition policies and procedures, and other internal accounting controls, it had "overstated its available unrestricted cash balance by approximately $30 million and that, relatedly, in the prior fiscal year, it improperly recognized revenue in the same amount."
On this news, Lottery.com's stock price fell $0.14, or 14.6%, to close at $0.82 per share on July 16, 2022, thereby injuring investors further.
Then, on July 29, 2022, the Company disclosed that it did not have "sufficient financial resources to fund its operations or pay certain existing obligations" and that it intended to furlough certain employees. The Company also stated that "there is substantial doubt about [its] ability to continue as a going concern" and it may be forced to wind down its operations or pursue liquidation of its assets.
On this news, Lottery.com's stock price fell $0.52, or 64.2%, to close at $0.29 per share on July 29, 2022, thereby injuring investors further.
More on The PennZone
- NBA Champion Lamar Odom Launches Anti-Addiction Meme Coin, Ushering in a Disruptive Innovation in Web3
- Aureli Construction Sets the Standard for Seamless Home Additions in Greater Boston
- Actuated Medical Launches Participating Preferred Series A Round, Led by Keiretsu Forum Mid-Atlantic, South-East, & Texas
- ScreenPoints Puts Film Investors in the Credits—and in the Money With New FinTech Platform
- Viatris Announces Positive Top-Line Results from Two Pivotal Phase 3 Studies of Novel Fast-Acting Meloxicam (MR-107A-02) for the Treatment of Moderate-to-Severe Acute Pain
If you purchased Lottery.com securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
Filed Under: Business
0 Comments
Latest on The PennZone
- Nurse leader Julie Nyhus has been named editorial director of American Nurse Journal
- ABM for Good™ Launches First Project with Build Change
- Braces for Teenagers in Allentown Offered by Exeter Smiles
- Roots for Boots to Host "Bike Day Bash" Featuring Trike Presentation to Local Veteran
- JOSHWAY Cuts Ribbon on New Brick-and-Mortar Location
- ImagineX, in Collaboration with Qualys, Launches New mROC Services to Transform Enterprise Cyber Risk Management
- Ditch Micromanagement: New Leadership Book for Results-Driven, Accountability-Based Teams
- Jay Tapp was named Managing Director in British Columbia
- Children's Hospital of Philadelphia Researchers Recommend New Standard of Care for Families with Hereditary Neuroblastoma Linked to ALK Mutation
- GormanSquared Announces Provisional Patent
- Hubei Heavy Equipment Makes a Striking Appearance at CIMT and Competes with International Brands
- 20 Patents Issued Worldwide, Cementing Company Leadership. First Ever Cable-Free 12-Lead ECG: HeartBeam, Inc. (Stock Symbol: BEAT)
- NASDAQ Uplisting for Higher Market Exposure and Wide Corporate Benefits to AI Boosted Marketing Company On Track Towards $1 Billion Revenue by 2027
- Congressional Men's Health Caucus Shows Bipartisan Consensus and Focus on Prevention, Mental Health, and Closing the Lifespan Gap
- Chewy Chums™ Launches NeverBite™ on Kickstarter
- DuoKey, Axiomtek and Blue Edge Network Partner to Enhance Smart Cities with Privacy-Preserving Urban Safeguarding and Fleet Management
- Fangzhou Launches Otsuka's Third-Generation Leukemia Drug Ponatinib on its Platform
- Viatris Announces Appointments of Frank D'Amelio and Michael Severino, M.D., to the Company's Board of Directors
- Austin Keen Joins WakeFX RopePal as Official Brand Ambassador
- Bonelli Systems Expands Managed IT Services Nationwide, Leveraging Microsoft Azure Expertise