Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of fuboTV Inc. who purchased shares between March 23, 2020 and January 4, 2021.
FuboTV and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On December 23, 2020, a series of research reports revealed, among other things, that (i) the Company’s subscriber and profitability growth was unsustainable past the one-time seasonal surge; (ii) its offering of products would be subject to cost escalation; (iii) it could not successfully compete as a sports book operator and could not capitalize on its online sports wagering opportunity; (iv) its data and inventory was not differentiated to allow it to achieve its long-term advertising growth goals; (v) its valuation was overstated in light of its total revenue and subscription levels; and (vi) its acquisition of Balto Sports did not provide the stated synergies and internal expertise, and did not expand the Company’s addressable market into sports wagering.
On this news, the price of fuboTV’s shares plummeted 54% from a close of $52.59 on December 23, 2020 to a close of $24.24 on January 4, 2021.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until April 19, 2021 to request that the court appoint them lead plaintiff.