Lottery.com sinks to record low on overstated cash balance

Sports Entertainment Gaming Global

18/07/2022 17:43

(Updates)
    ** Shares of Lottery.com  LTRY.O  fall as much as 22% to a
record 75 cents
    ** LTRY said on Friday 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 ~31% 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  urn:newsml:reuters.com:*:nL4N2YN2ZJ 
    ** Probe also found issues related to internal accounting
controls 
    ** LTRY last down ~14% and set for its biggest one-day pct
fall in over a month
    ** Stock has closed below $1 for the last three consecutive
days and is down 87% so far this year 

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