SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims on Behalf of Investors of Lottery.com, Inc. f/k/a Trident Acquisitions Corp. -LTRY

New York, New York--(Newsfile Corp. - September 10, 2022) - Pomerantz LLP is investigating claims on behalf of investors of Lottery.com, Inc. f/k/a Trident Acquisitions Corp. ("Lottery.com" or the "Company") (NASDAQ: LTRY). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether Lottery.com and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

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On July 6, 2022, Lottery.com disclosed that an internal investigation, conducted by independent counsel, had uncovered "instances of non-compliance with state and federal laws concerning the state in which tickets are procured as well as order fulfillment." In addition, the investigation revealed "issues pertaining to the Company's internal accounting controls." Accordingly, on June 30, 2022, the Board terminated the Company's President, Treasurer, and Chief Financial Officer Ryan Dickinson.

On this news, Lottery.com's stock price fell $0.15 per share, or more than 12%, to close at $1.07 per share on July 6, 2022.

Then, on July 15, 2022, Lottery.com announced that Chief Revenue Officer Matthew Clemenson had resigned on July 11, 2022, effective immediately. The Company also provided an update on the independent investigation previously disclosed on July 6, 2022, reporting that it had "overstated its available unrestricted cash balance by approximately $30 million and that, relatedly, in the prior fiscal year, it improperly recognized revenue in the same amount." Accordingly, "[t]he Company, in consultation with its outside advisors, is currently validating its preliminary conclusion, assessing any impact on previously issued financial reports, and has begun to institute appropriate remedial measures."

On this news, Lottery.com's stock price fell $0.14 per share, or more than 14.5%, to close at $0.82 per share on July 16, 2022.

Finally, on July 29, 2022, Lottery.com informed the market that it did not have "sufficient financial resources to fund its operations or pay certain existing obligations," and that it therefore intended to furlough certain employees effective July 29, 2022. Moreover, the Company advised that because Lottery.com's resources were not sufficient to fund its operations for a twelve-month period, "there is substantial doubt about the Company's ability to continue as a going concern," and the Company may be forced to wind down its operations or pursue liquidation of the Company's assets.

On this news, Lottery.com's stock price fell $0.52 per share, or 64% to close at $0.29 per share on July 29, 2022.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/136688