Stock News: Robbins LLP is Investigating, Inc. f/k/a Trident Acquisitions Corp. (LTRY) on Behalf of Shareholders

Shareholder rights law firm Robbins LLP is investigating, Inc. (NASDAQ: LTRY) and its officers and directors to determine whether they violated securities laws or breached fiduciary duties in connection with its ineffective internal controls over financial reporting. is a technology company that operates a business-to-consumer (B2C) platform enabling players to remotely purchase legally sanctioned lottery games in the U.S. and internationally.

If you would like more information about our investigation of, Inc.'s misconduct, click here.

What is this Case About: According to the complaint filed against (LTRY), on July 6, 2022, 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.” In addition, the investigation revealed “issues pertaining to the Company’s internal accounting controls.” In light of the findings, on June 30, 2022, the board of directors terminated the Company’s President, Treasurer, and Chief Financial Officer Ryan Dickinson, effective July 1, 2022. On this news,’s shares fell $0.15, or more than 12%, to close at $1.07 per share on July 6, 2022.

On July 15, 2022, announced that Chief Revenue Officer Matthew Clemenson had resigned on July 11, 2022, effective immediately. Reporting on the internal investigation, the Company revealed that it "preliminarily conclude[d] that it has 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. The Company, in consultation with its outside advisors, is currently validating its preliminary conclusion, assessing any impact on previously issued financial reports, and has begun to institute appropriate remedial measures." On this news, the Company's stock price fell more than 14.5%, to close at $0.82 per share on July 16, 2022.

The Company made a series of additional adverse disclosures before finally, on July 29, 2022, in a Form 8-K filed with the SEC, informing the market that it did not have “sufficient financial resources to fund its operations or pay certain existing obligations,” and that it therefore intended to furlough certain employees effective July 29, 2022. Moreover, because’s resources were not sufficient to fund its operations for a twelve-month period, “there is substantial doubt about the Company’s ability to continue as a going concern,” and the Company may be forced to wind down its operations or pursue liquidation of the Company’s assets. On this news, shares of lost 64% of their value in a single trading day, falling $0.52 per share to close at $0.29 per share on July 29, 2022.

Next Steps: If you acquired shares of, Inc. between November 15, 2021 and July 29, 2022, you have legal options. Please contact Robbins LLP for more information about your rights.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Contact us to learn more:

Aaron Dumas

(800) 350-6003

Shareholder Information Form

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.


Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.