Legal action against Lottery.com voluntarily dismissed
The legal action had been filed by Woodford Eurasia Assets.
Lottery.com has announced that legal action against the company has been voluntarily dismissed without prejudice.
Woodford Eurasia Assets filed the legal action in federal court, alleging proxy misstatements, against Lottery.com and the individual members of its Board of Directors, including Chairman Matthew McGahan.
Also, Woodford had unsuccessfully sought to enjoin Lottery.com and its directors from holding the Special Meeting of Stakeholders, wherein the shareholders voted to allow the sale of stock, which could potentially result in a change of control of the company to its primary lender, United Capital Investments London Limited.
But Woodford provided notice of dismissal of all claims without prejudice against Lottery.com and its directors, with the Notice of Voluntary Dismissal Without Prejudice being filed by Woodford in the United States District Court for the District of Delaware on February 14.
Lottery.com and Sports.com Chairman, Matthew McGahan, said: “We are pleased to put this matter behind us. This resolution allows us to focus on our mission to offer innovative solutions in the lottery industry and to transform the sports media and entertainment arena with sports.com. We can now get back to focusing on providing value for our customers and stakeholders.
“We remain committed to operating with the highest standards of integrity and look forward to continuing our work in revolutionising the lottery and sports media experience worldwide. I would like to express my gratitude to our legal advisors, my fellow Board Directors and all those who have supported the company through this process.”
In other legal & regulatory news, Cyprus has launched a self-exclusion service for gambling and betting activity, called the National Self-Exclusion Platform (PSC), which will allow players to exclude themselves, either for a set period or indefinitely, depending on their individual needs.
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