Sportradar Group AG (SRAD) Facing Securities Class Action Amid Activist Short Seller Accusations of Illegal Business Model and $800 Million Market Cap Wipeout – Hagens Berman

Sportradar Group (NASDAQ: SRAD) faces a securities class action lawsuit following a 22% stock collapse on April 22, 2026. Activist short sellers Muddy Waters Research and Callisto Research published reports alleging the company intentionally worked with black-market gambling operators, contradicting its claims of legal compliance. The reports estimate illegal operators account for 20-40% of Sportradar's revenues, with over 270 platforms operating illegally using the company's services. The market wiped out over $800 million in market capitalization in a single day.