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Radnor, Pennsylvania, May 15 2021 /PRNewswire/-Kessler Topaz Meltzer & Check, LLP Law Firm announces that a class action lawsuit against securities fraud has been filed United States North District District Court California Against Skillz Inc. (NYSE:SKLZ) (“Skillz”) f/k/a Flying Eagle Acquisition Corp. (“FEAC”) represents a person who purchased or purchased Skillz securities between December 16, 2020 with April 19, 2021(Inclusive) (“During Class”).
Investor deadline reminder: Investors who bought or purchased Skillz securities During class, Not later than July 7, 2021, Seeking to be appointed as the chief plaintiff representative of this category. For more information or to learn how to participate in the lawsuit, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; Toll free (844) 887-9500; Send by email to info@ktmc.com; or Click on https://www.ktmc.com/skillz-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=skillz
Skillz is an Internet technology company that provides a proprietary game platform for mobile game users and developers. FEAC was a special purpose acquisition company at the beginning of its establishment January 2020 By its sponsor Eagle Equity Partners II, LLC (led and controlled by the defendant) Harry Sloan, Is a member of Skillz’s board of directors and former president and chairman of FEAC.Within eight months, FEAC and Mr. Sloan won US$158 million Private placement commitments related to the business combination between FEAC and its target company Skillz. After the execution of the confirmed merger agreement and subscription agreement, September 8, 2020, FEAC submitted the merger power of attorney and prospectus in the registration form S-4 through its board of directors.
Class time starts at December 16, 2020, When Skillz issued a press release, the press release was attached to Form 8-K submitted by Skillz December 17, 2020, Titled “SKILLZ becomes the first publicly traded mobile e-sports platform”. Throughout the class, Skillz promoted its business prospects.
But when March 8, 2021, Wolfpack Research’s research report “SKLZ: It takes a little skill to see the occurrence of this catastrophic disaster” has been publicly released, which describes the following aspects: (1) Third-party application data shows that the three games are responsible 88% of Skillz revenues (21 Blitz, Solitaire Cube and Blackout Bingo) from installations all dropped significantly. (2) Skillz did not disclose that the penetration rate of these three games has dropped substantially (although they are of substantial importance to the game development trajectory); (3) Skillz has not received the attention of game players; It has been boasting of a “big partnership” that has no value; and (5) Andrew Paradise, The co-founder of Skillz and its CEO, had no relevant experience expressed.Following this news, Skillz’s stock fell by 10.9% to a closing price of $24.45.This disclosure approximately represents $762 million Loss of investor value.
Then continue April 19, 2021, An anonymous Twitter account called Eagle Eye Research, published a report of short sellers. The report stated:[Skillz] There has never been a profit, and we doubt it. “The Eagle Eye Report claims that Skillz is “recognizing revenue from the “virtual” money provided to customers, although no actual cash has been generated in the process. “Following this news, Schitz’s stock fell 6.61% to close at $ 12.55 on April 19, 2021, Approximately loss $254 million Investor value.
The complaint alleges that during the entire class, the defendant spread false and misleading statements and omissions, which severely distorted the financial status and prospects of Skilz’s claims. These material misleading statements and omissions include statements related to certain business operations, performance indicators and final valuation of Skillz, including Skillz’s ability to attract new end users, future profitability, and the growing popularity of hosted games (accounting for 88 ) As a percentage of revenue and Skillz’s valuation.
Skitz Investors may Not later than July 7, 2021, Seeking to be appointed as the chief plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other consultants, or may choose not to do anything and remain absent. The lead plaintiff is the representative of the class members who represent all litigations in the litigation. In order to be appointed as the main plaintiff, the court must determine that the claims of the class member are typical of the claims of other class members, and that the class member will fully represent the class. Your ability to share any recovery is not affected by the decision whether or not to act as the main plaintiff.
Attorney Kessler Topaz Meltzer & Check is suing class actions involving securities fraud, breach of fiduciary duty, and other violations of state and federal laws in state and federal courts across the country. Kessler Topaz Meltzer & Check, LLP is the driving force of corporate governance reform, has represented institutional and individual investors from United States And all over the world. The company represents investors, consumers and whistleblowers (private citizens who report fraud against the government and share the recovery of government funds). Kessler Topaz Meltzer & Check, LLP did not file a lawsuit.For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
contact:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr.
Adrienne Bell, Esq.
280 Prussian Road
Radnor, Pennsylvania 19087
(844) 887-9500 (toll free)
info@ktmc.com
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Source: Kessler Topaz Meltzer & Check, LLP
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