This lawsuit is for anyone who acquired securities in fuboTV Inc. (NYSE: FUBO) from March 23, 2020 through January 4, 2021.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that it was growing its business without a reasonable basis for doing so.
On December 30, 2020, Kerrisdale Capital published a report which criticized Fubo’s core subscription business as “structurally unprofitable” due to “high variable content costs with contracted escalators.” The report also agreed with other analysts who stated that Fubo’s valuation was “absurd,” and characterized Fubo’s acquisition of Balto Sports as a “foolish” attempt to enter the “already highly competitive space [of sport wagering].” On this news, the price of the Company's stock dropped precipitously on unusually heavy trading volume. Then, on January 4, 2021, Motley Fool published an article stating that the Company is “nowhere close to turning a profit” as “direct costs of delivering its service are higher than revenue.” The article also concluded that “fuboTV's adjusted contribution margin is a meaningless number. It’s a function of how quickly the company is gaining subscribers, not a representation of profitability. The fact that the company reports such a misleading metric is a huge red flag.” On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in fuboTV Inc. (NYSE: FUBO) from March 23, 2020 through January 4, 2021 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.