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San Francisco, June 12, 2021 (Global News Agency)-Hagens Berman urges Skillz Inc. (New York Stock Exchange:SKLZ) Investors who have suffered heavy losses Submit your loss immediately. A securities fraud class action is pending, and some investors may file valuable claims.
Skillz, Inc. (New York Stock Exchange stock code:SKLZ) Securities Fraud Class Action:
In the past few months, Skillz and senior management have repeatedly touted the company’s revenue growth and forecasts to support its valuation.
The complaint alleges that the defendants misled investors in these and other statements because they concealed (1) a sharp drop in the three games of the company that accounted for the majority of Skillz’s revenue, and (2) the company’s revenue recognition policy misrepresented the company’s revenue. Actual financial situation.
The defendant’s statement was first seriously questioned on March 8, 2021, when analysts Wolves Research A stern report was issued accusing Skillz of concealing a sharp drop in the revenue of three games (Blitz, Solitaire Cube, Blackout Bingo), which accounted for 88% of Skillz’s total revenue, and effectively undermining the company’s growth expectations.
Next, on April 18, 2021, Eagle Eye Research A report was published claiming that Skillz’s revenue recognition practice “is like a round trip, where the company effectively provides customers with funds for SKLZ and recognizes its revenue, IE Does not generate net economic profits. ” Hawkeye The conclusion is that “the real cash income is less than 1/2 of the income described by management to investors.”
These events caused Skillz’s stock price to fall sharply.
Reed Kathrein, a partner at Hagens Berman, who led the investigation, said: “We focused on investor losses and proved Skillz engaged in fraudulent accounting and financial reporting.”
If you are an investor in Skillz and have suffered significant losses, or have knowledge that may help the company’s investigations, Click here to discuss your legal rights with Hagens Berman.
Reporter: People who have non-public information about Skillz should consider their options to help investigate or take advantage of the SEC whistleblower program. According to the new plan, whistleblowers who provide original information may be rewarded up to 30% of the successful recovery by the SEC. For more information, please call Reed Kathrein 844-916-0895 Or email SKLZ@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with eight offices and more than 80 lawyers in eight cities across the country. The company represents investors, whistleblowers, workers and consumers in complex litigation.For more information about the company and its success, please visit hbsslaw.com. For the latest news, please visit our Editorial department Or follow us on Twitter @classactionlaw.
contact:
Reed Catherine, 844-916-0895
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