Adversity for Sportradar continued in its first-quarter earnings call, which saw lengthy audio dropouts during its 65-minute duration. The company reported financial results early on 28 April.
Two hours before the call, the New York firm of Bronstein, Gewirtz & Grossman announced it was investigating Sportradar, which has been accused by short sellers of “providing its services to illegal and unlicensed gambling operators,” the Wall Street Journal reported. The charges had sent Sportradar stock tumbling.
Sportradar announced on Tuesday an initiative to repurchase US$250 million in shares. CEO Carsten Koerl said he would buy US$10 million shares, too.
“Sportradar and I reject the unfounded allegations in the reports,” remarked Koerl. “The company’s current valuation does not reflect the strength of our business.”
