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Sports BettingOctober 25, 2021·1 min read
DraftKings Investor Sues Executives for Alleged Insider Trading and Malfeasance
Jiahan Yu, a shareholder of DraftKings, has filed a lawsuit against company executives, including CEO Jason Robins and SBTech founder Shalom Mackenzie, for alleged malfeasance and insider trading. The lawsuit focuses on alleged illegal dealings of DraftKings subsidiary SBTech in Asia from December 2019 to June 2021.
The lawsuit by Yu reaffirms Hindenburg Research’s findings earlier this year, which accused DraftKings of involvement in illegal activity. Hindenburg Research’s findings prompted the Securities and Exchange Commission to probe into DraftKings and its subsidiaries.
Yu’s lawsuit accuses six company executives, including president and co-founder Matt Kalish and global technology president Paul Liberman, of insider trading. The executives are accused of misleading the public and encouraging an artificial inflation of DraftKings stock, allegedly making over $800 million by selling the inflated stock.
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