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FORT WORTH, Texas - Lottery.com Inc. (NASDAQ: LTRY, LTRYW), a technology firm operating at the nexus of gaming, sports, and entertainment, has initiated an investigation into possible illicit short selling of its stock. Currently trading at $1.61 with a market capitalization of $41.25 million, the company has retained Paul Hastings LLP to lead the inquiry, prompted by suspected dissemination of false information aimed at devaluing its shares and harming its business. InvestingPro analysis indicates the stock has been experiencing significant price volatility, with 12 more key insights available to subscribers.
The firm has observed its stock appearing on the Nasdaq Regulation SHO Threshold Security List on sixteen occasions within the last six months, signaling substantial failures to deliver shares. Securities and Exchange Commission (SEC) data highlighted over 1.12 million undelivered shares on a single day, February 10, 2025, suggesting potential naked short selling. The stock has shown remarkable volatility, with a 350% surge over the past six months despite a recent 24% weekly decline. Additionally, Lottery.com’s stock has experienced soaring borrow rates, peaking above 500%, indicative of aggressive shorting activity.
Lottery.com has made it clear that it will not stand for the spread of misinformation or stock manipulation and is prepared to take necessary measures to protect shareholder interests and market transparency. The company has previously referred matters to Nasdaq MarketWatch, the SEC, and the Department of Justice. At this time, no action is required from stockholders.
The investigation underscores the company’s commitment to addressing any suspected illegal activities and ensuring fair market practices. The full implications of the investigation are yet to unfold, but it demonstrates Lottery.com’s stance against market manipulation. According to InvestingPro data, the company maintains impressive gross profit margins of 61%, though its overall financial health score is currently rated as weak. Detailed financial analysis and additional metrics are available to InvestingPro subscribers.
This news is based on a press release statement from Lottery.com Inc.
In other recent news, Lottery.com Inc. announced the acquisition of a majority stake in DotCom Ventures Inc. for $10 million, expanding its reach into the online ticketing market with platforms like Concerts.com and TicketStub.com. This strategic move aims to integrate Lottery.com’s content, commerce, and live experiences, enhancing revenue opportunities. Additionally, Lottery.com has appointed Marc Bircham to its Board of Directors as an Executive Director. Bircham’s extensive experience in sports and strategic leadership is expected to drive the company’s international growth.
In a separate development, a lawsuit against Lottery.com was voluntarily dismissed by the plaintiff, indicating no evidence of wrongdoing by the company. This dismissal is seen as a positive step towards rebuilding investor confidence. Meanwhile, Lottery.com’s sponsorships in motorsports have highlighted their brand exposure, with drivers demonstrating resilience in recent Detroit races. As part of its broader strategy, Lottery.com continues to focus on integrating gaming, entertainment, and sports, aiming to enhance its brand visibility and engage with a diverse audience.
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