Lottery.com, Inc. Announces Voluntary Dismissal by Woodford Eurasia Assets of Proxy Misstatement Lawsuit Against Lottery.com and its Directors
February 20 2024 - 8:00AM
Lottery.com Inc., leading online lottery services provider
announces that the legal action alleging proxy misstatements filed
in federal court by Woodford Eurasia Assets Ltd against Lottery.com
and the individual members of the Company’s Board of Directors,
including Chairman Matthew McGahan, has been voluntarily dismissed
without prejudice by Woodford.
The Notice of Voluntary Dismissal Without Prejudice was filed by
Woodford in the United States District Court for the District of
Delaware on February 14, 2024 in Case No. 23-1317-GBW, which stated
that Woodford provides notice of dismissal of all claims without
prejudice against Defendants Lotttery.com and its directors.
This notice of dismissal comes after Woodford filed its
Complaint and unsuccessfully sought to enjoin the Company and its
directors from holding the Special Meeting of Stakeholders, wherein
the shareholders voted to allow the sale of stock that potentially
could result in a change of control of the Company to its primary
lender, United Capital Investments London Limited (“UCIL”).
Woodford’s Motion For A Temporary Restraining Order, Preliminary
Injunction and Expedited Discovery was denied by the Court by
Memorandum Order on November 17, 2023, in which Honourable Judge
Gregory B. Williams stated, “the Court is not convinced…the
directors' interest in UCIL substantially change a voter's mind and
is not convinced that [Woodford] has shown a likelihood of success
of the merits.” The Court added, “public's interest is best served
by permitting the Special Meeting to continue in line with the
Company's bylaws.”
With the dismissal of this lawsuit by Woodford, no further
action is required by Lottery.com or its directors.
Matthew McGahan, Chairman of Lottery.com
and Sports.com, commented:
"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.”
Lottery.com Contact:
press@lottery.com
Lottery.com is a leading technology company that
is transforming how, where and when lottery is played. Its engaging
mobile and online platforms enable players and commercial partners
located in the United States and internationally to remotely
purchase legally sanctioned lottery games. Fans and subscribers
look to Lottery.com for compelling, real-time results on more than
800 lottery games from more than 40 countries. Additionally,
through WinTogether.org, Lottery.com is fundamentally changing how
non-profit donors are incentivized to action by gamifying
charitable giving. In all that it does, Lottery.com’s mission
remains the same: an uncompromising passion to innovate, grow a new
demographic of enthusiasts, deliver responsible and trusted
solutions, and promote community and philanthropic initiatives. For
more information, visit http://www.lottery.com.
About Sports.com
Emerging from the strategic acquisition of
SportLocker, Sports.com is poised to become the premier destination
for sports entertainment, offering an unparalleled array of
interactive and engaging sports content. For more information,
visit www.sports.com.
Important Notice Regarding Forward-Looking
Statements
This press release contains statements that constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended (the “Securities Act”), and
Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). All statements, other than statements of present
or historical fact included in this press release, regarding the
company’s future financial performance, as well as the company’s
strategy, future operations, revenue guidance, projected costs,
prospects, plans and objectives of management are forward-looking
statements. When used in this press release, the words “could,”
“should,” “will,” “may,” “believe,” “anticipate,” “intend,”
“estimate,” “expect,” “project,” the negative of such terms and
other similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words. These forward-looking statements are based
on management’s current expectations and assumptions about future
events and are based on currently available information as to the
outcome and timing of future events. Except as otherwise required
by applicable law, Lottery.com disclaims any duty to update any
forward-looking statements, all of which are expressly qualified by
the statements in this section, to reflect events or circumstances
after the date of this press release. Lottery.com cautions you that
these forward-looking statements are subject to numerous risks and
uncertainties, most of which are difficult to predict and many of
which are beyond the control of Lottery.com. In addition,
Lottery.com cautions you that the forward-looking statements
contained in this press release are subject to the following
factors: (i) the outcome of any legal proceedings that may be
instituted against Lottery.com; (ii) Lottery.com’s ability to
maintain effective internal controls over financial reporting,
including the remediation of identified material weaknesses in
internal control over financial reporting relating to segregation
of duties with respect to, and access controls to, its financial
record keeping system, and Lottery.com’s accounting staffing
levels; (iii) the effects of competition on Lottery.com’s future
business; (iv) risks related to Lottery.com’s dependence on its
intellectual property and the risk that Lottery.com’s technology
could have undetected defects or errors; (v) changes in applicable
laws or regulations; (vi) risks related to the COVID-19 pandemic
and its effect directly on Lottery.com and the economy generally;
(vii) risks relating to privacy and data protection laws, privacy
or data breaches, or the loss of data; (viii) the possibility that
Lottery.com may be adversely affected by other economic, business,
and/or competitive factors; (ix) the ability of Lottery.com to
achieve its strategic and growth objectives as stated or at all;
and (x) those factors discussed in the proxy statement/prospectus
filed by Lottery.com with the SEC under the heading “Risk Factors”
and the other documents filed, or to be filed, by Lottery.com with
the SEC. Should one or more of the risks or uncertainties described
in this press release materialize or should underlying assumptions
prove incorrect, actual results and plans could differ materially
from those expressed in any forward-looking statements. Additional
information concerning these and other factors that may impact the
operations and projections discussed herein can be found in the
reports that Lottery.com has filed and will file from time to time
with the SEC. These SEC filings are available publicly on the SEC’s
website at www.sec.gov.
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