Lottery.com sinks after review finds overstatement of cash balance

Sports Entertainment Gaming Global

18/07/2022 13:25

** Shares of Lottery.com  LTRY.O  fall 12% to 85 cents -
stock set to open at record low
    ** LTRY on Friday said a review led to a preliminarily
conclusion that co had overstated its available cash balance by
about $30 mln   urn:newsml:reuters.com:*:nNDLSVM89 
    ** Says it improperly recognized revenue of ~$30 mln in the
prior fiscal year 
    ** Says it is currently validating its findings and has
begun to institute appropriate remedial measures
    ** Shares of LTRY have fallen ~21% since July 6 when co
disclosed it had ousted CFO Ryan Dickinson following an
investigation that revealed non-compliance of some federal laws
related to procurement of tickets, and issues related to
internal accounting controls  urn:newsml:reuters.com:*:nL4N2YN2ZJ 
    ** Stock has closed below $1 for the last three consecutive
days and is down 85% so far this year 

 (Reporting by Uday Sampath in Bengaluru)
 ((UdaySampath.Kumar@thomsonreuters.com; Twitter: https://twitter.com/sampath_uday
  ;))