- Lottery.com (NASDAQ: LTRY) is nearing legal action against a 'short and distort' campaign.
- The company collaborates with Paul Hastings LLP to target alleged market manipulators.
- Legal evidence indicates involvement of former insiders, short-sellers, and opportunistic traders.
Lottery.com Inc. (NASDAQ: LTRY) has announced its final steps towards legal recourse against a coordinated 'short and distort' campaign purportedly affecting the company's stock price and reputation. Partnering with Paul Hastings LLP, the company is preparing to take legal action against individuals and entities accused of market manipulation.
Christopher Gooding, an Independent Director and Audit Committee member, outlined that the company's investigation has pinpointed three distinct groups involved in this alleged manipulation. These include aggressive former insiders using confidential information, professional short-sellers with complicit brokers facilitating illegal naked short selling, and opportunistic traders swayed by false media narratives.
The company has already issued multiple cease-and-desist letters and plans to escalate these matters through legal and regulatory channels. Gooding emphasized that the company is rapidly collecting irrefutable evidence and is determined to hold accountable those who have contributed to this scheme. Lottery.com remains adamant about protecting shareholder value and maintaining market integrity as it anticipates a vigorous pursuit of damages.
With ongoing efforts to safeguard its operations and shareholder interests, Lottery.com continues to strengthen its global position in the gaming, sports, and entertainment sectors. The company's proactive stance against these alleged manipulative activities underscores its commitment to transparency and accountability in the financial markets.
