NEW YORK, Aug. 23, 2022 /PRNewswire/ -- Moore Kuehn, PLLC, a securities law firm located on Wall Street, is investigating whether certain officers and directors of Lottery.com, Inc. (NASDAQ: LTRY) breached their fiduciary duties to shareholders.
According to a federal securities lawsuit, Lottery.com insiders caused the company to make false and/or misleading statements and/or failed to disclose that: (i) the Company lacked adequate internal accounting controls; (ii) the Company lacked adequate internal controls over financial reporting, including but not limited to those pertaining to revenue recognition and the reporting of cash; (iii) the Company was not in compliance with state and federal laws governing the sale of lottery tickets; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
On July 6, 2022, Lottery.com disclosed that an internal investigation, conducted by independent counsel, 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." Accordingly, on June 30, 2022, the Board terminated the Company's President, Treasurer, and Chief Financial Officer Ryan Dickinson.
If you own LTRY please contact Justin Kuehn, Esq. by email at jkuehn@moorekuehn.com or telephone at (212) 709-8245. There is no cost to you. Moore Kuehn is a New York-based law firm with attorneys representing investors and consumers. Please visit http://www.moorekuehn.com/practice/new-york-shareholder-derivative-litigation/
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Moore Kuehn, PLLC
Justin Kuehn, Esq.
30 Wall Street, 8th Floor
New York, New York 10005
jkuehn@moorekuehn.com
(212) 709-8245
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