The legal action concerns investors who held Sportradar Class A ordinary shares between November 7, 2024, and April 21, 2026. The firm’s probe follows investigative reports from Muddy Waters Research and Callisto Research, which accused the company of maintaining a business strategy reliant on black-market entities. Muddy Waters estimated that illegal operators contribute between 20% and 40% of Sportradar’s total revenue, a claim supported by Callisto’s findings that over 270 platforms using Sportradar services operate without necessary licenses.

Following the reports on April 22, 2026, Sportradar’s market capitalization plummeted by more than $800 million. Reed Kathrein, the Hagens Berman partner leading the investigation, stated that the firm is examining whether Sportradar concealed these operations from shareholders while touting high standards of integrity and ethics. With a lead plaintiff deadline of July 17, 2026, attorneys are currently seeking contact from affected investors and potential whistleblowers who may possess non-public information regarding these business practices.