NEW YORK , March 16, 2021 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP ( www.kaplanfox.com ) is investigating claims on behalf of investors of FuboTV Inc. ("Fubo" or the "Company") (NYSE: FUBO). A complaint has been filed on behalf of investors who purchased or otherwise acquired Fubo common shares between March 23, 2020 and January 4, 2021 (the "Class Period").
Fubo is a multichannel video programming distributor offering subscribers access to thousands of live sporting events as well as news and entertainment content.
According to the complaint, Defendants disseminated false and misleading statements throughout the Class Period that misrepresented Fubo's financial health and its operating condition. Further, according to the complaint, investors learned the truth through a series of research reports beginning on December 23, 2020 revealing that (i) Fubo's subscriber growth and profitability was unsustainable past the one-time seasonal surge; (ii) Fubo's offering of products would be subject to cost escalation; (iii) Fubo could not successfully compete and perform as sports book operator and could not capitalize on its online sports wagering opportunity; (iv) Fubo's data and inventory was not differentiated to allow Fubo to achieve its long-term advertising growth goals; (v) Fubo's valuation was overstated in light of its total revenue and subscription levels; and (vi) 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.
According to the complaint, in connection with the publication of the research reports, the price of Fubo shares declined 54% from a close of $52.59 on December 23, 2020 to a close of $24.24 on January 4, 2021 .
If you are a member of the proposed Class, you may move the court no later than April 19, 2021 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York , San Francisco , Los Angeles , Chicago and New Jersey , has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com . If you have any questions about this Notice, your rights, or your interests, please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York , New York 10022
(646) 315-9003
E-mail: dhall@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street , Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
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SOURCE Kaplan Fox & Kilsheimer LLP