Youbet.com reported March 31 it lost $28.7 million in the fourth quarter of 2007 on the same day it was notified by NASDAQ it faces delisting from the stock exchange.
Youbet.com said March 18 it had resolved its part in a federal investigation into its former International Racing Group subsidiary, and will not be charged in return for continued cooperation with officials.
Lonny Powell has stepped down from his executive position with Youbet.com, joining others who have left the California-based advance deposit wagering company in recent months.
Youbet.com will close its troubled off-shore telephone wagering entity International Racing Group, according to a Feb. 13 filing with the U.S. Securities and Exchange Commission.
Youbet.com reported a decline in overall handle and increase in total revenue for the third quarter of 2007, but a related earnings conference call with analysts Nov. 7 was punctuated by discussion of the federal investigation involving the company's off-shore entity, International Racing Group.
Former Youbet co-founder and chief executive officer David Marshall has resigned his position as vice-chairman of the company's board of directors, according to an Oct. 30 filing with the U.S. Securities and Exchange Commission.
ClassicStar has filed a series of legal documents that both level allegations of blame against two of their former executives and make a request to consolidate a cross-country myriad of federal lawsuits into a Kentucky federal court.
Individuals claiming they were bilked out of millions of dollars by ClassicStar's high-profile mare lease and breeding program are awaiting answers to a recent complaint filed on their behalf
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