DraftKings Inc.


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.

Lead Plaintiff deadline
August 31, 2021
class period
December 23, 2019
June 15, 2021
Case Documents
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