Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against fuboTV, Inc. and Encourages Investors to Contact the Firm
Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, has announced that fuboTV, Inc. (NYSE: FUBO) will share common stock in the U.S. District Court for the Southern District of New York on behalf of investors on March 23rd 2020 and January 4, 2021 inclusive (the “Class Period”). Investors have until April 19, 2021 to apply to the court for appointment as the lead plaintiff in the lawsuit.
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The complaint, filed on February 17, 2021, alleges that the defendants made false and misleading statements during the classroom that misrepresented Fubo’s financial health and operational status. These misleading statements have included representations relating to a wide variety of Fubo’s business processes and performance metrics, including but not limited to Fubo’s ability to increase subscription levels and future profitability, seasonality factors, cost escalations and potentially shrinking addressable markets, and its ability to attract and ad revenue to generate the valuation of the company and its prospects to enter the arena of online sports betting.
Investors gradually learned the truth through a series of research reports that began on December 23, 2020. These reports indicated, among other things, that (i) Fubo’s subscriber growth and profitability were unsustainable after the one-time seasonal surge; (ii) Fubo’s product offering would be subject to cost escalation. (iii) Fubo was unable to successfully compete and act as a sports betting operator and fail to use its online sports betting opportunity. (iv) Fubo data and inventory have not been differentiated to allow Fubo to meet its long term advertising growth goals. (v) Fubo’s valuation has been overstated given its total revenue and subscription level. and (vi) the acquisition of Balto Sports did not deliver the stated synergies and in-house expertise and did not expand the Company’s addressable market to sports betting.
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Following the release of the research reports, the price of Fubo securities fell 54% from a closing price of $ 52.59 on December 23, 2020 to a closing price of $ 24.24 on January 4, 2021.
If you have purchased fuboTV common stock during the classroom and have suffered a loss, have information, want to learn more about these claims, or have any questions about this announcement or your rights or interests in relation to these matters, please contact Brandon Walker. Melissa Fortunato or Marion Passmore by emailing email@example.com, by phone at (212) 355-4648, or by completing this contact form. There are no costs or obligations for you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. More information about the company can be found at www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.
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Bragar Eagel & Squire, PC
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.