Defendant Name:
DraftKings Inc.
Defendant Type:
Public Company
SIC Code:
9999
CUSIP:
26142V10
Document Reference:
34-101198
Document Details
Legal Case Name
In the Matter of DraftKings Inc.
Document Name
Order Instituting Cease-And-Desist Proceedings, Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-And-Desist Order
Document Date
26-Sep-2024
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On September 26, 2024, the SEC instituted settled cease-and-desist proceedings against DraftKings, stating: "This matter concerns Massachusetts-based publicly-traded company DraftKings’ violation of Regulation FD, a rule under the Exchange Act that prohibits public companies from selectively disclosing material, nonpublic information to certain persons outside the company. In July 2023, material, nonpublic information concerning DraftKings’ second quarter 2023 (the quarter ended June 30, 2023) earnings was selectively disclosed to certain persons outside the company via social media, specifically the personal X (formerly Twitter) and LinkedIn accounts in the name of DraftKings’ CEO operated by DraftKings’ public relations firm."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Other Compliance Related Undertaking
Cooperation Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$200,000.00
Shared:
