Lawsuit filed for Investors in shares of Skillz Inc. (NYSE: SKLZ)

An investor, who purchased shares of Skillz Inc. (NYSE: SKLZ), filed a lawsuit over alleged violations of Federal Securities Laws by Skillz Inc.

Investors who purchased shares of Skillz Inc. (NYSE: SKLZ) have certain options and for certain investors are short and strict deadlines running. Deadline: July 7, 2021. NYSE: SKLZ investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

San Francisco, CA based Skillz Inc. operates a mobile games platform that connects players worldwide. Its platform hosts casual esports tournaments. On March 8, 2021, when analyst Wolfpack Research published a scathing report, accusing Skillz Inc. of concealing that revenues from three games responsible for 88% of Skillz’s total revenues (Blitz, Solitaire Cube, Blackout Bingo) substantially declined and effectively gutted the company’s growth projections.

Then, on April 18, 2021, Eagle Eye Research published a report claiming Skillz Inc’s revenue recognition practices were "like round-tripping where the company is effectively giving its customers money to spend on SKLZ and recognizing revenue from it, i.e. generating no net economic profits." Eagle Eye concluded "that true cash revenue is less than ½ of what management portrays to investors."

Shares of Skillz Inc. (NYSE: SKLZ) declined from $36.50 per share on March 2, 2021 to as low as $12.72 per share on May 13, 2021.

The plaintiff claims that between December 16, 2020 to April 19, 2021, the defendants made false and/or misleading statements and/or failed to disclose that three games responsible for a majority of Skillz’s revenues had declined substantially, that Skillz’s revenue recognition policy misrepresented the financial condition of the company, that unrealistic market growth, specifically in the Android market, and that as a result defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Those who purchased shares of Skillz Inc. (NYSE: SKLZ) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.