Kehoe Law Firm, P.C. is investigating whether certain directors and officers of Trident Acquisitions Corp. (“Trident”) (NASDAQ: TDAC), now known as Lottery.com Inc. (“Lottery.com”) (NASDAQ: LTRY), breached their fiduciary duties to Trident’s shareholders.
LOTTERY.COM SHAREHOLDERS THAT OWNED TRIDENT ACQUISITIONS STOCK AND WHO WISH TO DISCUSS POTENTIAL LEGAL CLAIMS ARE ENCOURAGED TO CLICK HERE TO CONTACT KEHOE LAW FIRM, P.C.
The investigation concerns whether Trident’s board of directors or executive officers breached their duties of disclosure, duties of candor, and requirements to act in good faith, and whether Trident’s shareholders suffered damages as a result.
On October 28, 2021, Trident shareholders of record as of October 13, 2021 approved a merger between Trident and Lottery.com.
In July 2022, Lottery.com fired its Chief Financial Officer after accounting irregularities were uncovered. Not long after, Lottery.com’s Chief Revenue Officer resigned, after Lottery.com discovered “instances of non-compliance with state and federal laws concerning the state in which tickets are procured.” Lottery.com also announced it had overstated its cash holdings by $30 million. In September 2022, four directors resigned from Lottery.com’s board, with several directors claiming that Lottery.com thwarted their attempts to look into red flags at the company.
The stock price has declined by more than 99.7% since the merger.
LOTTERY.COM SHAREHOLDERS WHO OWNED TRIDENT ACQUISITIONS CORP. STOCK ARE ENCOURAGED TO CONTACT MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected], [email protected], TO DISCUSS THE INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
