NEW YORK, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Lottery.com, Inc. (“Lottery.com” or the “Company”) (NASDAQ: LTRY, LTRYW) in the United States District Court for the Southern District of New York on behalf of investors who purchased or otherwise acquired Lottery.com common stock between November 15, 2021 and July 29, 2022, both dates inclusive (the “Class Period”).
The Complaint allege that Defendants made false and/or misleading statements and/or failed to disclose material adverse facts about the Company's business operations and prospects. Specifically, defendants: (1) the Company lacked adequate internal accounting controls; (2) the Company lacked adequate internal controls over financial reporting, including but not limited to those pertaining to revenue recognition and the reporting of cash; (3) the Company was not in compliance with state and federal laws governing the sale of lottery tickets; and (4) as a result, the Company's public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of Lottery.com should contact the Firm prior to the October 18, 2022 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
