Kessler Topaz Meltzer & Check, LLP Announces Deadline in Securities Fraud Class Action Lawsuit Against Skillz Inc
Radnor, Pennsylvania – (Newsfile Corp. – June 24, 2021) – Law firm Kessler Topaz Meltzer & Check, LLP reminds investors that a class action lawsuit has been filed against Skillz Inc. (NYSE: SKLZ) for securities fraud (“Skillz”) f / k / a Flying Eagle Acquisition Corp. (NYSE: FEAC) (“FEAC”) on behalf of those who acquired or acquired Skillz securities between December 16, 2020 and April 19, 2021, inclusive (the “Class Period” “).
Investor Deadline Reminder: Investors who purchased or acquired Skillz Securities during the Class Action Period may apply no later than July 7, 2021 to be appointed as the Class Action lead plaintiff. For more information or information on how to participate in this litigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; by email to: firstname.lastname@example.org; or click on: https://www.ktmc.com/skillz-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=skillz.
Skillz is an internet tech company that provides a proprietary gaming platform for mobile gaming users and developers. FEAC was formed as a purpose-built acquisition company in early January 2020 by its sponsor, Eagle Equity Partners II, LLC, under the leadership and control of Defendant Harry Sloan, a director of Skillz and former president and chairman of FEAC.
On March 8, 2021, Wolfpack Research published a research report entitled “SKLZ: It Takes Little Skill to see this SPACtacular Disaster Coming,” which describes, among other things, how: (1) Third-party app data installs of the three games , which account for 88% of Skillz’s revenue (21 Blitz, Solitaire Cube, and Blackout Bingo), all fell significantly; (2) Skillz did not announce the significant decline in the popularity of these three games (despite their significant role in the growth path); (3) Skillz is not taken seriously by game industry gamers; (4) Skillz has a long history of boasting “great partnerships” that didn’t mean anything of value; and (5) Andrew Paradise, co-founder of Skillz and its chief executive officer, does not have the relevant experience disclosed. Following the news, Skillz’s shares fell 10.9% to close at $ 24.45. That disclosure meant a loss of approximately $ 762 million in investor value.
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The lawsuit alleges that during the class action period, defendants made false and misleading statements and omissions that materially misrepresented Skillz’s alleged financial condition and prospects. These essentially misleading statements and omissions included representations relating to certain Skillz business activities, performance metrics and the final rating, including but not limited to Skillz’s ability to attract new end users, future profitability, the declining popularity of its hosted games, which was 88% its sales and the valuation of Skillz.
Skillz investors can apply no later than July 7, 2021 to be appointed as lead class agent by Kessler Topaz Meltzer & Check, LLP, or other legal counsel, or they can choose to do nothing and remain an absent group member. A lead plaintiff is a representative party who acts on behalf of all class members in the conduct of the dispute. To be appointed as a lead plaintiff, the court must determine that the class plaintiff’s claim is typical of the claims of other class plaintiffs and that the class plaintiff is adequately representing the class action. Your ability to participate in a recovery will not be affected by whether or not you want to be the lead plaintiff.
Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country involving securities fraud, fiduciary violations, and other violations of state and federal laws. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform and has collected billions of dollars on behalf of institutional and private investors from the US and around the world. The firm represents investors, consumers and whistleblowers (individuals who report fraudulent practices to the government and participate in recovery of government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. Further information on Kessler Topaz Meltzer & Check, LLP can be found at: www.ktmc.com.
Kessler Topas Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
Radnor, PA 19087
(844) 887-9500 (toll free)
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/88556.