Lottery.com is a technology company that operates a business-to-consumer (B2C) platform enabling players to remotely purchase legally sanctioned lottery games in the United States and internationally. The Company also provides affiliate marketing services under the LotteryLink brand, and delivers lottery data, such as winning numbers and results, to approximately 400 digital publishers and media organizations.

On October 29, 2021, pursuant to a Business Combination Agreement dated February 21, 2021, Trident Acquisitions Corp. (“TDAC”) consummated a business combination with AutoLotto, Inc., which, since its founding in 2015, conducted business as Lottery.com. Following the closing of the Business Combination, the Company changed its name to Lottery.com, the business of AutoLotto became Lottery.com’s business.

A securities fraud class action Complaint alleges that Lottery.com (NASDAQ: LTRY), via certain of its officers and directors, made materially false or misleading statements and/or failed to disclose material information. The Complaint further alleges that: (i) the Company lacked adequate internal accounting controls; (ii) the Company lacked adequate internal controls over financial reporting, including but not limited to those pertaining to revenue recognition and the reporting of cash; (iii) the Company was not in compliance with state and federal laws governing the sale of lottery tickets; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.

Current Lottery.com shareholders who have held Lottery.com shares since on or before November 19, 2020 or held common stock of TDAC as of October 28, 2021, can seek corporate reforms, the return of funds back to the company, and a court approved incentive award at no cost to them whatsoever.

If you would like to learn more about this matter, you are encouraged to contact us at jgrabar@grabarlaw.com, or call 267-507-6085.