The lawsuit, Smale v. Sportradar Group AG, filed in the Southern District of New York, claims the company and its top executives violated the Securities Exchange Act of 1934. Plaintiffs allege that Sportradar publicly touted its commitment to ethics and integrity while simultaneously partnering with black-market gambling operators to inflate revenue. The complaint asserts that these compliance processes were significantly weaker than the firm represented to the public.

Market volatility surrounding the company surged on April 22, 2026, after investigative reports from Muddy Waters Research and Callisto Research detailed the alleged black-market connections. Following the release of these findings, Sportradar Class A ordinary shares dropped by more than 22%. Investors seeking to participate in the litigation or serve as lead plaintiff can contact attorneys Ken Dolitsky or Michael Albert at Robbins Geller Rudman & Dowd LLP to discuss their potential recovery options.