The architects of an ill-fated 2021 merger between lottery.com owner AutoLotto and Trident Acquisitions are facing class action lawsuits in the Chancery Court of Delaware. The deal made Lottery.com a publicly-traded entity, but share values for the lottery courier service began to plummet almost immediately. Revelations of financial deception, executive resignations, and shareholder lawsuits followed, reports Bonus.com.
The plaintiffs in the three cases are Tim Weishipl, Jared Polisher and Edward Knolls. Weishipl filed a class action complaint “on behalf of himself and similarly situated current and former stockholders” in April 2023. Polisher and Knolls followed suit in May. If the cases advance, they would likely be consolidated.
Lottery.com was expected to receive over $63 million in gross proceeds at the closing of the business combination in October 2021. Less than 1% of the SPAC's shares were redeemed ahead of the vote to approve the deal. Read more.