However, Judge Carter deemed the suit deficient, asserting it failed to establish any materially false or misleading statements or scienter. He emphasized the inadequacy of relying solely on short sellers’ claims, stating they provided no factual basis for evaluation.
FuboTV Exits Investor Suit Over Sports Betting Biz : Impact on Stock Prices
The lawsuit highlighted the rapid decline in FuboTV’s stock prices following the release of critical reports by firms such as Lightshed Partners and Kerrisdale Capital. However, Judge Carter dismissed these claims, noting the lack of substantial evidence linking the reports to factual inaccuracies or intentional deception by FuboTV.
Legal Representation
Legal counsel for FuboTV, led by attorneys from Latham & Watkins LLP, welcomed the judge’s decision. However, representatives for the investors, represented by attorneys from Lowey Dannenberg PC and The Schall Law Firm, did not immediately respond to requests for comment.
FuboTV Exits Investor Suit Over Sports Betting Biz : Conclusion
With the dismissal of this lawsuit, FuboTV finds itself on firmer legal ground, but the outcome leaves lingering questions about the dynamics between investors, short sellers, and the burgeoning sports betting industry. As the deadline for filing amended complaints approaches, the future of this legal battle remains uncertain.
