Philadelphia, Pennsylvania–(Newsfile Corp. – June 29, 2021) – Berger Montague reminds investors of the upcoming deadline of July 7, 2021 for investors to seek lead plaintiff status in a securities fraud class action against Skillz, Inc. (“Skillz” or the “Company”) on behalf of investors who purchased Skillz securities (NYSE: SKLZ) between December 16, 2020 and April 19, 2021 (the “Class Period”).
If you purchased Skillz securities during the Class Period, have questions concerning your rights or interests, or would like to discuss Berger Montague’s investigation, please contact attorneys Andrew Abramowitz at email@example.com or (215) 875-3015, or Donnell Much at firstname.lastname@example.org or (215) 875-4667, or complete the form on www.bergermontague.com/skillz.
Whistleblowers: Anyone with non-public information regarding Skillz is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Skillz is a proprietary gaming platform provider for mobile gaming users and developers. It was taken public on December 16, 2020 by a SPAC (special purpose acquisition company) known as Flying Eagle Acquisition Corp. (“FEAC”). A recent lawsuit alleges that the Company falsely represented its business operations, performance metrics, and prospects, including its ability to attract new end-users and the fact that its most lucrative games – accounting for 88% of its revenues – were experiencing decreased usage.
On March 8, 2021, Wolfpack Research released a report alleging that the three games responsible for 88% of Skillz’s revenues (21 Blitz, Solitaire Cube, and Blackout Bingo) had all substantially declined – a key fact that defendants had not disclosed. In addition, Wolfpack reported that Skillz has a long history of boasting about “big partnerships” that amounted to nothing, and that its Chief Executive Officer lacked relevant experience. Upon this news, Skillz shares fell by 10.9% to close at $24.45.
Then, on April 19, 2021, Eagle Eye Research posted a report on Twitter accusing the Company of artificially inflating its revenues through incentive Bonus Payments to gamers. This news sent shares declining an additional 6% to a close of $14.11 per share on April 19.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Andrew Abramowitz, Senior Counsel
Donnell Much, Associate
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/89014