According to the Complaint, DraftKings Inc. is a digital sports entertainment and gaming company. More importantly, it owns and operates DK Marketplace, an online platform where individuals can purchase and sell DraftKings NFTs.

The Complaint alleges that, throughout the Class Period: (1) the NFTs were securities for which DraftKings unlawfully failed to file a registration statement; (2) DraftKings ensured that money invested by class members stayed on DraftKings’ private and exclusively controlled marketplace, propping up the market for and overall valuation of DraftKings’ NFTs; and (3) investors have suffered significant damages.

On June 6, 2023, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on August 4. Defendants filed a Motion to Dismiss the amended Complaint on September 25.

On July 2, 2024, the Court issued an Order denying Defendants' Motion to Dismiss.

On February 26, 2025, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on February 28.