FuboTV Exits Investor Suit Over Sports Betting Biz

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FuboTV Exits Investor Suit Over Sports Betting Biz

In a dramatic turn of events, a federal judge in New York has dismissed a lawsuit brought by investors against sports streaming service FuboTV Inc., alleging the company misled them about its foray into the sports betting arena. The ruling, delivered Thursday, adds a new twist to the ongoing legal saga surrounding FuboTV’s expansion plans.

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FuboTV Exits Investor Suit Over Sports Betting Biz : Lawsuit Dismissal

U.S. District Judge Andrew L. Carter Jr. dismissed the suit, stating that the claims presented by investors, largely based on short seller reports, were merely opinions and lacked actionable facts. The judge gave investors until April 11 to file their third amended complaint.

Allegations and Court’s Analysis

The lawsuit, originally filed in February 2021 and last amended in May 2023, accused FuboTV and its executives of concealing their lack of readiness to thrive in the sports betting sector. Central to the investors’ claims were short seller reports, particularly one from Lightshed Partners, which painted a bleak picture of FuboTV’s prospects in the sports betting realm.