FuboTV Inc. (FUBO) stock declined by 0.19% at the last trading close whereas the FUBO stock price rises by 7.63% in the after-hour trading. The change in graph of FUBO stock price is followed by a class action filed against FuboTV on behalf of some shareholders. FuboTV is a subscription television provider based in the United States that mainly broadcasts live sports, such as the NFL, MLB, NBA, NHL, MLS, and international soccer, as well as news, network television shows, and movies.
What is happening?
The Gross Law Firm, a securities arbitration law firm, has provided the notice on behalf of shareholders in a few publicly traded firms, including FuboTV. Shareholders who bought these companies’ stock during the dates March 23, 2020, to January 4, 2021, are advised to notify the firm about the possibility of being appointed as Lead Plaintiff. It is not necessary to be appointed as Lead Plaintiff in order to share in any recovery. Investors have until April 19, 2021, to file lead plaintiff applications in a securities class action case against fuboTV Inc., according to Kahn Swick & Foti, LLC and KSF partner and former Attorney General of Louisiana, Charles C. Foti.
Insight on the class action
According to the lawsuit, defendants made materially false and/or misleading claims and/or refused to report those statements.
- Fubo’s product portfolio was prone to undisclosed cost escalations.
- Fubo was unable to strive and perform as a sports book operator, and it was unable to capitalize on its one and only sports wagering opportunity;
- Fubo’s data and inventory were not separated in order for the company to meet its long-term advertising growth targets and forecasts.
- In light of its overall sales and subscription levels, Fubo’s value was exaggerated.
- Defendants’ public statements were materially false and/or misleading at all relevant times because the acquisition of Balto Sport did not include the claimed synergies, internal knowledge, or extend FUBO’s addressable market into online sports wagering.