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Investigation announced for Investors in shares of Digital World Acquisition Corp. (NASDAQ: DWAC) over possible Violations of Securities Laws

06-23-2022 02:35 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation for investors in Digital World Acquisition Corp. (NASDAQ: DWAC) shares over potential securities laws violations

An investigation for investors in Digital World Acquisition Corp. (NASDAQ: DWAC) shares over potential securities laws violations

An investigation was announced for investors of Digital World Acquisition Corp. (NASDAQ: DWAC) shares over potential securities laws violations by Digital World Acquisition Corp. in connection with certain financial statements.

Investors who purchased shares of Digital World Acquisition Corp. (NASDAQ: DWAC), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Digital World Acquisition Corp. (NASDAQ: DWAC) concerning whether a series of statements by Digital World Acquisition Corp. (NASDAQ: DWAC regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

On October 29, 2021, The New York Times published an article entitled "Trump's $300 Million SPAC Deal May Have Skirted Securities Laws." The article reported that Donald J. Trump's efforts to take Trump Media & Technology Group ("TMTG") public via a merger with Digital World, a special purpose acquisition company ("SPAC"), involved discussions of a merger with Digital World's founder before Digital World itself went public. These discussions may have violated federal securities laws, which prohibit SPACs from planning mergers before conducting their initial public offerings.

Then, on June 13, 2022, Miami, FL based Digital World Acquisition Corp. stated in a filing with the U.S. Securities and Exchange Commission that "[a]s previously disclosed in Digital World's quarterly report on Form 10-Q for the period ended March 31, 2022 and other filings with the SEC, Digital World received a document request and subpoena from the SEC seeking various documents and information regarding, among other things, meetings of Digital World board of directors; communications with and the evaluation of potential targets, including TMTG; communications relating to TMTG; agreements with and payments made to certain advisors; investors, including investor meetings and agreements; the appointment of certain of Digital World's officers and directors; policies and procedures relating to trading; and documents sufficient to identify banking, telephone, and email addresses. The SEC also recently issued an order of examination pursuant to Section 8(e) of the Securities Act, with respect to the Registration Statement relating to the Business Combination, and a further subpoena in support thereof."

Shares of Digital World Acquisition Corp. (NASDAQ: DWAC) declined from $101.87 per share on March 2, 2022, to as low as $26.32 per share on June 17, 2022.

Those who purchased shares of Digital World Acquisition Corp. (NASDAQ: DWAC) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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