International securities law firm Bleichmar Fonti & Auld has filed a class-action lawsuit against Sportradar after the group saw its shares drop 22% after allegations that it worked with illegal gaming operators.
The lawsuit was filed in the US District Court for the Southern District of New York and targets Sportradar and certain senior executives, accusing them of violating federal securities laws by misrepresenting its business practices and compliance standards.
The case follows reports published on 22 April by investigative research firms Muddy Waters and Callisto Research. Both reports alleged Sportradar derived a substantial portion of its revenue from illegal or unlicensed gambling operators operating in black and gray markets.
