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November 29, 2022 Sports Betting, Legal

Investors hire Pomerantz Law Firm to investigate DraftKings claims

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The law firm is looking into concerns regarding securities fraud or other unlawful practices.

On behalf of DraftKings Inc. investors, the Pomerantz Law Firm has begun its investigation into concerns surrounding securities fraud and other unlawful business practices. 

In late November, The Action Network published an article reporting that DraftKings user accounts had been hacked. The article also stated that funds in users' accounts had been cashed out.

This was confirmed by DraftKings Co-Founder Paul Liberman who stated that roughly $300,000 in customer funds were affected during the security breach. 

Pomerantz LLP has offices in New York, Chicago, Los Angeles, London, Paris and Tel Aviv. It's known as a premier firm in regard to corporate, securities and antitrust class litigation. 

After the hack, the DraftKings stock price fell $0.76 per share, or 5.05% and closed at $14.29 per share on November 21, 2022. 

On November 23, 2022, DraftKings launched its online sportsbook in Maryland after an early access test that took place on the same day as the security breach. 

Last year, the company was made an Official Sports Betting Sponsor of the Baltimore Ravens, establishing a place for them in the state. 

DraftKings Board of Directors Special Advisor Cal Ripken Jr. said: "Now, sports fans in our state will have access to the DraftKings Sportsbook, a safe and regulated betting option and a respected corporate leader."

The DraftKings S.E.R.V.E.S program was designed to protect consumers with technology designed to combat the exact type of hack that the company suffered in late November. 

Concerned investors can join the class-action investigation by visiting the Pomerantz Law Firm website. 

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