CEO Tony DiMatteo resigns as share price plunges
Image: Shutterstock has confirmed the resignation of Tony DiMatteo as CEO with immediate effect, adding to the recent high-profile departure list at the company.

The online lottery retailer recently reported its shares had dropped by 17%, had overstated its available unrestricted cash balance by $30m, and ‘improperly recognised revenue in the same amount’ during the prior fiscal year.

This comes despite seemingly positive news in May, where DiMatteo hailed the company’s “strong balance sheet”.

The 8-K filing earlier this month also revealed that CRO Matthew Clemenson had resigned with immediate effect, following the exit of President, CFO and Treasurer Ryan Dickenson on July 1.

Now, Co-Founder DiMatteo has become the latest high-ranking figure to leave his position in the ‘best interest of the company’.

He has also stepped down from all positions in its wholly owned subsidiary AutoLotto and all of its other subsidiaries and affiliates with the exception of LTRY WinTogether.

However, DiMatteo will now serve as Senior Advisor to the Board of Directors.

“Mr DiMatteo may be paid $1,000 per month for each month during which he provides services to the company, and reimbursed for business expenses validly incurred prior to his resignation,” the latest 8-K filing read.

DiMatteo’s new advisory role will include providing consulting services, cooperating in company-related investigations and serving as Director and/or Officer of ‘certain subsidiary or affiliated entities of the company’.