| COMPANY |
fuboTV, Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
21-cv-01412 |
| JUDGE |
The Honorable Andrew L. Carter, Jr. |
| CLASS PERIOD |
March 23, 2020 - January 4, 2021 |
| SECURITY TYPE |
Common Stock |
Case Background:
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, the 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, the defendants’ public statements were materially false and/or misleading at all relevant times.
Current Status of Case:
On March 28, 2024, The Court entered an Order granting Motion to Dismiss. The Court entered an Order of Dismissal with prejudice on April 19, 2024. This action has concluded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; 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.