Lead Plaintiff Deadline: 07/06/2021
SUMMARY OF CASE:
A securities class action has been filed against Skillz, Inc. (SKLZ) on behalf of those who purchased or otherwise acquired Skillz securities between December 16, 2020 through April 19, 2021. This case has been filed in the USDC – N.D.CA.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) three games responsible for a majority of Skillz’s revenues had declined substantially; (ii) Skillz’s revenue recognition policy misrepresented the financial condition of the company; (iii) unrealistic market growth, specifically in the Android market; and (iv) 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. When the true details entered the market, the lawsuit claims that investors suffered damages.