|Company Name||FuboTV, Inc|
|Class Period||March 23, 2020 to January 04, 2021|
|Lead Plaintiff Motion Deadline||April 19, 2021|
On December 30, 2020, Kerrisdale Capital published a report titled “fuboTV Inc. (FUBO), Requiem for a Stream,” which criticized Fubo’s core subscription business as “structurally unprofitable” due to “high variable content costs with contracted escalators.” The report also agreed with other analysts who stated that Fubo’s valuation was “absurd,” and characterized Fubo’s acquisition of Balto Sports as a “foolish” attempt to enter the “already highly competitive space [of sport wagering].”
On this news, Fubo stock price fell $9.70 per share, or 25.72%, to close at $28.00 per share on December 31, 2020, thereby injuring investors.
On January 4, 2021, Motley Fool published an article stating that the Company is “nowhere close to turning a profit” as “direct costs of delivering its service are higher than revenue.” The article also concluded that “fuboTV's adjusted contribution margin is a meaningless number. It’s a function of how quickly the company is gaining subscribers, not a representation of profitability. The fact that the company reports such a misleading metric is a huge red flag.”
On this news, Fubo stock price fell $3.99 per share, or 14%, to close at $24.24 on January 4, 2021, thereby injuring investors further.
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