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 after activist short sellers Muddy Waters Research and Callisto Research published reports accusing the company of working with black-market gambling operators despite claims of strict legal compliance. The allegations triggered a 22% stock collapse on April 22, 2026, wiping out over $800 million in market capitalization. The reports estimate that illegal operators account for 20-40% of Sportradar's revenues, contradicting the company's prior disclosures about ethics and regulatory compliance.