The Lawsuit Adds To a Turbulent Year For That revelation led to Dickinson’s firing and the eventual resignation of several other executives, including Clemenson. These include an instance in which the company overstated its cash balance by $30 million. They’re being sued for their alleged roles in concealing adverse facts and misleading representations.įinally, the lawsuit points to past incidents where admitted to financial records and accounting failures. These are President, CFO, and treasurer Ryan Dickinson and former CRO and director Matt Clemenson. The suit also names two company executives as defendants.
Shares in many US online gambling companies plummeted in 20 after a hot streak in 20, resulting in a string of such lawsuits. The suit also accuses of defrauding the plaintiffs and other investors by making “material misrepresentations” about the company’s financial status before it went public in 2021.
The plaintiffs did not disclose the exact numbers of the original 2018 agreement. That $10 million represents money still unpaid after the renegotiation. The plaintiffs claim still owes them over $10 million and has not given them the agreed digital ownership tokens. This latest lawsuit is one of many legal battles has found itself fighting. They attempted to negotiate a new settlement but sued after also failed to make good on that agreement. The plaintiffs claim that never fully delivered on any of these promises. The deal promised Brier and Tu several million dollars in cash, cryptocurrency tokens conferring a stake in the combined company, and a guaranteed five-year employment contract. The suit alleges that in 2018, the plaintiffs reached a written agreement with AutoLotto, as was known at the time. They accuse the company of failing to deliver the agreed-upon compensation worth over $10 million. Plaintiffs John Brier and Bin Tu sold their company TinBu to in 2018. Beleaguered is facing yet another lawsuit, this time from the founders of one of its subsidiaries.
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