NEW YORK , Feb. 18, 2021 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of FuboTV, Inc. ("Fubo" or the "Company") (NYSE: FUBO) from March 23, 2020 through January 4, 2021 (the "Class Period"). The lawsuit filed in the United States District Court for the Southern District of New York alleges violations of the Securities Exchange Act of 1934.
If you purchased Fubo securities, and/or would like to discuss your legal rights and options please visit Fubo Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com .
The complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose to investors: (1) Fubo's growth in subscriber and profitability was unsustainable past the one-time seasonal surge; (2) Fubo's offering of products would be subject to cost escalation; (3) Fubo could not successfully compete and perform as a sports book operator and could not capitalize on its online sports wagering opportunity; (4) Fubo's data and inventory was not differentiated to allow Fubo to achieve its long-term advertising growth goals; (5) Fubo's valuation was overstated in light of its total revenue and subscription levels; and (6) 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 , 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 .
If you wish to serve as lead plaintiff, you must move the Court no later than April 19, 2021 . A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Fubo securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/fubotvinc-fubo-shareholder-class-action-lawsuit-stock-fraud-362/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com .
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP