NEW YORK, Feb. 19, 2021 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a class action lawsuit has been filed against fuboTV Inc. (“fuboTV” or the “Company”) (NYSE:FUBO) in the United States District Court for the Southern District of New York on behalf of those who purchased or acquired the securities of fuboTV between March 23, 2020 and January 4, 2021, inclusive (the “Class Period”). The lawsuit seeks to recover damages for investors under the federal securities laws.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) FuboTV’s growth in subscriber and profitability were unsustainable past the seasonal surge in subscription levels; (2) FuboTV’s offering of products was subject to undisclosed cost escalations; (3) FuboTV could not successfully compete and perform as sports book operator and could not capitalize on its only sports wagering opportunity; (4) FuboTV’s data and inventory was not differentiated to allow Fubo to achieve long-term advertising growth goals and forecasts; (5) FuboTV’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 the Company’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. When the true details entered the market, the laws
Investors who purchased or otherwise acquired shares of fuboTV during the Class Period should contact the Firm prior to the April 19, 2021 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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