February 18, 2021 - An investor in shares of fuboTV Inc. (NYSE: FUBO) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by fuboTV Inc. in connection with certain allegedly false and misleading statements made between March 23, 2020 and January 4, 2021.

New York based fuboTV Inc. operates a live TV streaming platform for live sports events, news, and entertainment content in Europe and the United States. On January 4, 2021, an article was published entitled There's a Big Problem With FuboTV Stock . The article characterized the Company as wildly unprofitable and tr[ying] to put lipstick on a pig with a creative metric. Specifically, the article asserted that the Company's adjusted contribution margin, which the Company presented in its financial reporting as a purportedly positive profitability metric, was in fact a meaningless number . . a function of how quickly the company is gaining subscribers, not a representation of profitability. The article concluded, that the fact that the company reports such a misleading metric is a huge red flag.

Shares of fuboTV Inc. (NYSE: FUBO) declined from $62.29 per share on December 22, 2020, to as low as $25.61 per share on January 6, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of fuboTV Inc. (NYSE: FUBO) common shares between March 23, 2020 and January 4, 2021, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 23, 2020 and January 4, 2021, the Defendants made false and/or misleading statements concerning: (i) Fubo’s growth in subscriber 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 Sport did not provide the stated synergies and internal expertise, and did not expand the Company’s addressable market into sports wagering; and (vii) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times