The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Skillz Inc. f/k/a Flying Eagle Acquisition Corp. (SKLZ)

LOS ANGELES, June 30, 2021 – (BUSINESS WIRE) – Frank R. Cruz’s law firm is reminding investors of the upcoming July 7, 2021 deadline to file a lead plaintiff on behalf of the investors who bought Skillz Inc.f. / k / a Flying Eagle Acquisition Corp. (“Skillz” or the “Company”) (NYSE: SKLZ) securities between December 16, 2020 and April 19, 2021, inclusive (the “Class Period”).

If you are a shareholder who has suffered a loss, click here to participate.

March 2021, Wolfpack Research released a report on the company claiming that the growth speculation by Skillz and its insiders is “totally unrealistic” and that Skillz’s top three games, which account for 88% of Skillz’s sales, are showing a decline in Downloads since the third quarter of 2020.

As a result of the news, Skillz’s share price fell $ 3.00 per share, or 10.9%, to close at $ 24.45, hurting investors.

On April 19, 2021, Eagle Eye Research posted an anonymous report on Twitter alleging that the company was “likely to generate significant revenue in kind and” by providing bonus payments to users. [] Cash income can represent less than half of GAAP income. “

As a result of this news, Skillz’s share price fell $ 1.00 per share, or 6.61%, to close at $ 14.11 on April 19, 2021. Shares continued to fall, closing at $ 12.55 on April 20, 2021, further hurting investors.

The lawsuit filed alleges that during the class action period, defendants made materially false and / or misleading statements and failed to disclose material adverse facts about the company’s business, operations and prospects. In particular, Defendants have failed to advise investors that: (1) three games, which were responsible for a large part of Skillz’s revenue, decreased significantly; (2) Skillz’s Revenue Recognition Policy misrepresented the company’s financial position; (3) unrealistic market growth, especially in the Android market; and (4) as a result, Defendants’ statements about its business, operations and prospects were materially false and misleading and / or were inadequate at all relevant times.

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If you purchased or otherwise acquired Skillz securities during the class action period, you may motion to the court no later than July 7, 2021 to seek appointment as the lead plaintiff in this alleged class action. To become a member of the class action, you do not need to take any action at this point; You can hire a lawyer of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action or have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Frank R. Cruz of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars , Suite 1100, Los Angeles, California 90067, 310-914-5007, by email at info@frankcruzlaw.com or visit our website at www.frankcruzlaw.com. For inquiries by e-mail, please include your postal address, telephone number and the number of shares purchased.

This press release may be viewed as a solicitation in some jurisdictions subject to applicable laws and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/2021063005523/en/

contacts

The Frank R. Cruz Law Firms, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com

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