Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired fuboTV, Inc. (“Fubo”) (NYSE: FUBO) common stock between March 23, 2020 and January 4, 2021, inclusive (the “Class Period”).
The Class Period commences on March 23, 2020, when Fubo issued a press release entitled Facebank Group And FuboTV Announce Definitive Merger Agreement - Combined Company To Be Named FuboTV, Inc., which stated, in relevant part, “[t]he business combination of FaceBank Group and fuboTV accelerates our ability to build a category defining company and supports our goal to provide consumers with a technology-driven cable TV replacement service for the whole family. With our growing businesses in the U.S., and recent beta launches in Canada and Europe, fuboTV is well-positioned to achieve its goal of becoming a world-leading live TV streaming platform for premium sports, news and entertainment content.”
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and failed to disclose to investors that: (1) Fubo’s growth in subscriber and profitability were unsustainable past the seasonal surge in subscription levels; (2) Fubo’s offering of products was subject to undisclosed cost escalations; (3) Fubo could not successfully compete and perform as a sports book operator and could not capitalize on its only sports wagering opportunity; (4) Fubo’s data and inventory was not differentiated to allow Fubo to achieve long-term advertising growth goals and forecasts; (5) Fubo’s valuation was overstated in light of its total revenue and subscription levels; (6) the acquisition of Balto Sport did not provide the stated synergies, internal expertise, and did not expand Fubo’s addressable market into online sports wagering; and (7) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
Current Status of Case:
On March 28, 2024, the Court granted Defendants' Motion to Dismiss. This action has concluded.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including The National Law Journal’s Plaintiff’s Hot List and Trailblazers in Plaintiffs' Law, BTI Consulting Group’s Honor Roll of Most Feared Law Firms, The Legal Intelligencer’s Class Action Firm of the Year, Lawdragon’s Leading Plaintiff Financial Lawyers, and Law360’s Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent.