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HOME > > Investigation of DraftKings Inc. launched

Investigation of DraftKings Inc. launched

15 June 2021

(PRESS RELEASE) -- The Law Offices of Frank R. Cruz announces an investigation of DraftKings Inc. on behalf of investors concerning the Company's possible violations of federal securities laws.

On 15 June 2021, before the market opened, Hindenburg Research published a report calling DraftKings "a $21 billion SPAC betting it can hide its black market operations." The report cited concerns over its merger with SBTech, a Bulgaria-based gaming technology company that allegedly deals in black market gaming, money laundering, and organized crime. Hindenburg Research estimated that 50% of SBTech's revenue comes from markets where gambling is banned.

On this news, the Company's stock price fell sharply during intraday trading on 15 June 2021.

 
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