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DraftKings sinks 12% after short-seller report claims online sports betting company is hiding illegal activity

1 month ago   |   By Business Insider

The fantasy sports website DraftKings is shown on October 16, 2015 in Chicago, Illinois.
Scott Olson/Getty Images
DraftKings plunged as much as 12% before retracing some losses on Tuesday.
An report from Hindenburg Research claimed the online sports betting company had "systematically skirted the law."
The short seller is a frequent critic of popular startups, having previously targeted Nikola, Lordstown Motors, and Clover Health.
See more stories on Insider's business page .
DraftKings plunged as much as 12% Tuesday on allegations by a short seller of illegal activity. A report from...
Read more ...

 

DraftKings sinks 12% after short-seller report claims online sports betting company is hiding illegal activity

DraftKings sinks 12% after short-seller report claims online sports betting company is hiding illegal activity

1 month ago   |   By Business Insider

Summary List Placement DraftKings plunged as much as 12% Tuesday on allegations by a short seller of illegal activity.
A report from Hindenburg Research published Tuesday morning, which unveiled the firm's short position in the online sports betting company, claimed DraftKings had "systematically skirted the law" via two Bulgarian subsidiaries. Meanwhile, insiders made use of market froth to sell more than $1.4 billion in DraftKings shares, Hindenburg alleged.
In a statement, DraftKings downplayed the findings.
"This report is written by someone who is short on DraftKings stock with an...
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