SEC sanctions selective disclosure on social media [Investment Executive - News]
DraftKings Inc. - Class A (DKNG)
Company Research
Source: Investment Executive - News
Even a short-lived social media post can put a public company offside of its continuous disclosure obligations, an enforcement case from the U.S. Securities and Exchange Commission (SEC) suggests. The SEC charged Boston-based gaming company, DraftKings Inc., for allegedly violating its rules against selective disclosure when a couple of posts on the social media accounts of the company’s CEO included references to its “really strong growth” in its existing markets — before the company released its financials. “The content of the posts that DraftKings was ‘still seeing really strong growth in existing states’ was… both material and nonpublic because information about growth during the second quarter in those states where DraftKings had existing operations was not generally known or available to the public,” the SEC’s order said. The posts, which were published by the company’s PR firm, were taken down within about 30 minutes at the company’s request. However, according to the regul
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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
- Boston-based DraftKings fined $200K over CEO's social media posts [Yahoo! Finance]Yahoo! Finance
- 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