A lawsuit was filed on behalf of investors in Lottery.com Inc. (NASDAQ:LTRY) shares over alleged securities laws violations.

San Diego, CA -- (SBWire) -- 09/07/2022 --An investor, who purchased shares of Lottery.com Inc. (NASDAQ: LTRY), filed a lawsuit over alleged Securities Laws violations by Lottery.com Inc.

Investors who purchased shares of Lottery.com Inc. (NASDAQ: LTRY) have certain options and for certain investors are short and strict deadlines running. Deadline: October 18, 2022. NASDAQ: LTRY investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Spicewood, TX based Lottery.com Inc., a technology company, operates B2C platform that enable players to remotely purchase legally sanctioned lottery games in the United States and internationally. On July 29, 2022, in a Form 8-K filed with the SEC, Lottery.com Inc informed 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 Lottery.com'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. Shares of Lottery.com Inc. (NASDAQ: LTRY) declined to as low as $0.2520 per share on July 29, 2022.

The plaintiff claims that between November 15, 2021 and July 29, 2022, the Defendants made false and/or misleading statements and/or failed to disclose that, inter alia the Company lacked adequate internal accounting controls, that the Company lacked adequate internal controls over financial reporting, including but not limited to those pertaining to revenue recognition and the reporting of cash, that the Company was not in compliance with state and federal laws governing the sale of lottery tickets, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Lottery.com Inc. (NASDAQ: LTRY) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.