FuboTV Inc. (FUBO) is experiencing downward pressure today, primarily due to insider selling activities that have raised concerns among investors. Notably, COO Alberto Horihuela sold a significant number of shares in recent transactions, including 5,868 shares on January 10th and 403,847 shares on January 7th. These sales have contributed to a perception of reduced confidence in the company's future prospects, especially as the COO's ownership stake decreased by 21.79% following these transactions. Additionally, CEO David Gandler's sale of 1,425,888 shares on January 6th, which marked an 80.44% reduction in his position, has further fueled investor apprehension.
Adding to the uncertainty, the proposed merger between FuboTV and Disney's Hulu + Live TV is under legal scrutiny. The law firm Kahn Swick & Foti, LLC is investigating the fairness of the merger terms for FuboTV shareholders, as Disney is set to acquire a 70% ownership stake. This legal review is focusing on whether the agreement adheres to fiduciary standards and whether shareholders are receiving equitable treatment. The outcome of this investigation could significantly impact investor sentiment and the future of the merger.
Despite the lack of price movement, with FuboTV's stock remaining at $3.93 as of 10:00 AM on January 16th, the trading volume is notably low at 7,522,665 shares, representing only 21.45% of the average daily volume.