Rob Jones

For 8 years now, I’ve been fighting on behalf of the founders and 100+ former @fanduel who were unfairly deprived of their ownership in the company they built. Quick recap: In 2018, FanDuel merged with Flutter’s US business. FanDuel shareholders received 40% of the newly merged business, FanDuel Group Inc. The FanDuel board then fraudulently used an artificially low valuation of just $559M (the exact number of the preference stack) to wipe out the common shareholders, so that they alone got all of the upside. Then two years later, the same investors sold that 40% stake for $4.2B, pocketing it all for themselves. Since before the merger closed in 2018 we have been in litigation with the company and its former board, including KKR and Shamrock, over their breach of fiduciary duty. In 2024, we filed an expanded complaint which included details of defendants’ various breaches including fraud, conspiracy and bribery. The defendants tried to have the case dismissed. However last week the New York Supreme court largely denied their motion. All claims relating to breach of fiduciary duty, fraud, conspiracy and bribery remain. This is an interim but important step as we move towards being able to present all of the evidence in court. Link to the court’s ruling below.

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