Sportradar shares fell $3.80 on April 22, 2026, closing at $13.04 after a $16.84 close the day before. That is a drop of about 22.6% in one session, and it is the event behind a securities fraud class action now pending in federal court in New York.
The case is Smale v. Sportradar Group AG, No. 1:26-cv-04112, before Judge Gregory H. Woods in the Southern District of New York. Investors who bought Class A ordinary shares (NASDAQ: SRAD) between November 7, 2024 and April 21, 2026 have until July 17, 2026 to ask the court to appoint them lead plaintiff. Kessler Topaz Meltzer & Check announced it had filed the suit on June 3. Bleichmar Fonti & Auld followed with its own notice on June 8.
Two short-seller style reports
The April 22 selloff followed two reports published that day by research firms Muddy Waters and Callisto Research.
Muddy Waters wrote 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.” It said its conclusions drew on discussions between its investigators and Sportradar sales executives. Bleichmar Fonti reports the Muddy Waters report estimated illegal operators supplied about 20 to 40% of revenue and identified nearly 50 clients and collaborators working in illegal markets.
Callisto looked at hundreds of gambling platforms. By its count, over 270 of them, more than a third of the 800 Sportradar says it serves, use the company’s products or services or claim to, while operating illegally in regulated or prohibited markets. Bleichmar Fonti adds that Callisto put exposure to unlicensed operators as high as 30 to 40% of revenue, and that three U.S. gambling regulators have started reviews of the company.
What the suit says
The complaint accuses Sportradar and certain executives of misleading investors throughout the class period. It alleges the company intentionally worked with black-market gambling operators to raise revenue, despite promising strict legal and regulatory compliance, and that its know-your-customer and compliance processes were weaker than described.
The statements at issue include Sportradar’s own words. It called it “crucial” to conduct business in a way that upholds high standards of ethics and integrity, and said it had a “four-level process” to confirm it only works with licensed operators.
Sportradar collects and distributes real-time sports data to betting operators, leagues, media companies and teams, and has partnerships with the NBA, MLB, NHL and PGA Tour.
Both firms say they take cases on contingency, so investors pay nothing up front. Kessler Topaz attorney Jonathan Naji is the listed contact. A lead plaintiff is usually the investor or small group with the largest financial interest, and investors who skip the role still keep their ability to share in any recovery.
Sources
- Sportradar Group AG (SRAD) Investors: July 17, 2026, Deadline in Securities Fraud Class Action Lawsuit Filed by Kessler Topaz Meltzer & Check, LLP
- $SRAD Securities Notice: BFA Law Notifies Sportradar Investors of the Filed Securities Class Action to Recover Losses – Act before July 17 Deadline if You Lost Money | lifestyle.cleanweb.co
