Kessler Topaz Meltzer & Check, LLP announced on May 2 that it is investigating potential violations of federal securities laws by Sportradar Group AG (NASDAQ: SRAD) on behalf of investors who purchased or acquired SRAD securities and experienced significant financial losses.
The investigation follows the release of a report by Muddy Waters Research on April 22, which alleged that Sportradar “has actively aided and abetted illegal gambling across the world’s black and grey markets — not as an accident or an oversight, but as a business strategy.” The report further claimed to have “documented nearly 50 clients who we deem to be operating illegally— including seven Russian sportsbooks, four SEA sportsbooks with confirmed links to Cambodian human trafficking operations, one of whom its own sales team acknowledged was too afraid to attend a trade show for fear of arrest — all actively running directly or indirectly on [Sportradar’s] data infrastructure.”
After these allegations became public, Sportradar’s stock price fell more than 22%. Kessler Topaz Meltzer & Check said investors who suffered losses may have legal rights under federal securities laws. The firm encourages affected investors to contact attorney Jonathan Naji at no cost or obligation.
Kessler Topaz Meltzer & Check describes itself as a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. According to the firm, it has led some of the largest recoveries in securities litigation and has been recognized by peers and legal media with several accolades. The firm operates globally with offices in Pennsylvania and California.
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The broader implications for investors are significant due to the reported drop in share value following these allegations against Sportradar. Kessler Topaz Meltzer & Check said it remains committed to pursuing claims for affected shareholders.
