NEW YORK, March 1, 2021 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf investors who purchased or otherwise acquired common stock of fuboTV, Inc. ("Fubo" or "Company") (NYSE: FUBO) from March 23, 2020 and January 4, 2021, inclusive (the "Class Period").
All investors who purchased shares of fuboTV, Inc. and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of fuboTV, Inc. you may, no later than April 19, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of fuboTV, Inc.
The filed complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose to investors:
- Fubo's growth in subscriber and profitability was unsustainable past the one-time seasonal surge;
- Fubo's offering of products would be subject to cost escalation;
- Fubo could not successfully compete and perform as a sports book operator and could not capitalize on its online sports wagering opportunity;
- Fubo's data and inventory was not differentiated to allow Fubo to achieve its long-term advertising growth goals;
- Fubo's valuation was overstated considering its total revenue and subscription levels; and
- the 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 December 23, 2020, analyst Richard Greenfield of Lightshed Partners initiated coverage of Fubo with a sell rating and a $8 one-year price target. In connection with initiating coverage, Lightshed called prospects of Fubo achieving success with sports betting a "pure fantasy." Lightshed further observed that the Company "[may be] the most compelling short we have ever identified in our career as analysts.
On this news, the shares of Fubo declined $11.90, or 21.22% over two days to close at $44.18 on December 24, 2020.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP