Boston-based DraftKings fined $200K over CEO's social media posts [Yahoo! Finance]
DraftKings Inc. - Class A (DKNG)
Company Research
Source: Yahoo! Finance
The SEC said that the fantasy sports and casino platform's public relations team published posts on the personal X and LinkedIn accounts of CEO Jason Robins on July 27, 2023, that stated the company continued to see “really strong growth” in states where it was already operating. At the time of the posts, DraftKings had not yet disclosed its second quarter 2023 financial results, nor had it otherwise publicly disclosed certain information contained in the posts, according to the SEC. The SEC found DraftKings in violation of Regulation Fair Disclosure, charging the company with “selectively disclosing material, nonpublic information to investors who followed or otherwise viewed the company CEO's social media accounts without disclosing that same information to all investors.” Regulation Fair Disclosure required DraftKings to promptly disclose the information to all investors after it was selectively disclosed to some, but the SEC said DraftKings failed to disclose that informati
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News
- DraftKings Promo Code: Bet $5, Get $200 Bonus for No. 1 Georgia-No. 4 Alabama & NFL Week 4 [USA TODAY]USA TODAY
- SEC sanctions selective disclosure on social media [Investment Executive - News]Investment Executive - News
- DraftKings fined over CEO's LinkedIn post [Yahoo! Finance]Yahoo! Finance
- DraftKings fined over CEO's LinkedIn post [Fortune]Fortune
- Morning Bid: Roaring Chinese stocks set for best week in a decade [Yahoo! Finance Canada]Yahoo! Finance Canada
DKNG
Earnings
- 8/1/24 - Beat
DKNG
Sec Filings
- 9/25/24 - Form 144
- 9/4/24 - Form 4
- 9/4/24 - Form 4
- DKNG's page on the SEC website