INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Skillz Inc. f/k/a Flying Eagle Acquisition Corp. (SKLZ) Investors

b'Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Skillz Inc. f/k/a Flying Eagle Acquisition Corp. ("Skillz" or the "Company") (NYSE: SKLZ ) securities between December 16, 2020 and April 19, 2021, inclusive (the \xe2\x80\x9cClass Period\xe2\x80\x9d).

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Thursday, May 13, 2021
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Legal, Professional services, Skillz
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United States, California, PENNSYLVANIA, BENSALEM
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  • b'Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Skillz Inc. f/k/a Flying Eagle Acquisition Corp. ("Skillz" or the "Company") (NYSE: SKLZ ) securities between December 16, 2020 and April 19, 2021, inclusive (the \xe2\x80\x9cClass Period\xe2\x80\x9d).
  • Skillz investors have until July 7, 2021 to file a lead plaintiff motion.\nInvestors suffering losses on their Skillz investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected] .\nOn March 8, 2021, Wolfpack Research published a report about the Company alleging that the growth speculations from Skillz and its insiders were \xe2\x80\x9centirely unrealistic\xe2\x80\x9d and that Skillz\xe2\x80\x99s top three games, representing 88% of Skillz\xe2\x80\x99s revenue, reported a decline in downloads since the third quarter of 2020.\nOn this news, Skillz\xe2\x80\x99s stock price fell $3.00 per share, or 10.9%, to close at $24.45, thereby injuring investors.\nOn April 19, 2021, Eagle Eye Research posted an anonymous report on Twitter in which it claimed that, through the use of providing users with incentive Bonus Payments, \xe2\x80\x9cthe company likely recognizes substantial non-cash revenue and [] cash revenues may be less than \xc2\xbd of GAAP revenue.\xe2\x80\x9d\nOn this news, Skillz\xe2\x80\x99s stock price fell $1.00 per share, or 6.61%, to close at $14.11 on April 19, 2021.
  • Shares continued to decline to close at $12.55 on April 20, 2021, thereby injuring investors further.\nThe complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company\xe2\x80\x99s business, operations, and prospects.
  • Specifically, Defendants failed to disclose to investors that: (1) three games responsible for a majority of Skillz\'s revenues had declined substantially; (2) Skillz\'s revenue recognition policy misrepresented the financial condition of the company; (3) unrealistic market growth, specifically in the Android market; and (4) 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.\nIf you purchased Skillz securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected] , or visit our website at www.howardsmithlaw.com .\nThis press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20210513005987/en/\n'


Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Skillz Inc. f/k/a Flying Eagle Acquisition Corp. ("Skillz" or the "Company") (NYSE: SKLZ) securities between December 16, 2020 and April 19, 2021, inclusive (the “Class Period”). Skillz investors have until July 7, 2021 to file a lead plaintiff motion.

Investors suffering losses on their Skillz investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].

On March 8, 2021, Wolfpack Research published a report about the Company alleging that the growth speculations from Skillz and its insiders were “entirely unrealistic” and that Skillz’s top three games, representing 88% of Skillz’s revenue, reported a decline in downloads since the third quarter of 2020.

On this news, Skillz’s stock price fell $3.00 per share, or 10.9%, to close at $24.45, thereby injuring investors.

On April 19, 2021, Eagle Eye Research posted an anonymous report on Twitter in which it claimed that, through the use of providing users with incentive Bonus Payments, “the company likely recognizes substantial non-cash revenue and [] cash revenues may be less than ½ of GAAP revenue.”

On this news, Skillz’s stock price fell $1.00 per share, or 6.61%, to close at $14.11 on April 19, 2021. Shares continued to decline to close at $12.55 on April 20, 2021, thereby injuring investors further.

The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) three games responsible for a majority of Skillz's revenues had declined substantially; (2) Skillz's revenue recognition policy misrepresented the financial condition of the company; (3) unrealistic market growth, specifically in the Android market; and (4) 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.

If you purchased Skillz securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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