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VisitMassachusetts Judge Denies DraftKings' Motion to Dismiss Class Action NFT Securities Lawsuit
Jul 3, 2024, 06:08 AM
A Massachusetts judge has denied DraftKings' motion to dismiss a class action lawsuit that alleges its NFTs are securities. The court found that the complaint plausibly alleges that the DraftKings NFTs are investment contracts under the Howey test. This decision means that the case will proceed to trial, where US courts will determine if NFTs are considered securities.
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Markets
Yes • 50%
No • 50%
US court ruling or official court documents
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Official court settlement documents or public announcement
Yes • 50%
No • 50%
Official announcement from DraftKings or reliable news sources
SEC declares NFTs as securities • 25%
Other outcome • 25%
No major regulatory action • 25%
Other US regulatory body declares NFTs as securities • 25%
Announcements from regulatory bodies such as SEC or reputable news sources
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DraftKings stock rises by >10% • 25%
DraftKings stock falls by >10% • 25%
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Financial market data, stock price movement of DraftKings (DKNG)
Settlement reached • 34%
Ruling against DraftKings • 33%
Ruling in favor of DraftKings • 33%
US court ruling or official court documents