Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Youbet.com, Inc.

Levi & Korsinsky is investigating the Board of Directors of Youbet.com, Inc. (“Youbet” or the “Company”) (NasdaqCM: UBET) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Churchill Downs, Inc. ("Churchill Downs") (NasdaqGS: CHDN). Under the terms of the transaction, Youbet shareholders will receive 0.0598 shares of Churchill Downs common stock plus $0.97 in cash for each share of Youbet they own. Based on the closing price of Churchill Downs stock prior to the announcement, the proposed transaction values Youbet stock at $2.86 per share for a total transaction value of approximately $126.4 million.

The investigation concerns whether the Youbet Board of Directors breached their fiduciary duties to Youbet shareholders given that Youbet shares traded as high as $3.91 as recently as July 24, 2009 and the mean price target set by analysts for Youbet stock is $3.88 per share with at least one analyst setting a $4.00 price target.

If you own common stock in Youbet and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/ubet1.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.

Youbet (NASDAQ:UBET)
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