Yahoo Finance SKILLZ INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California against Skillz Inc.
LEAD PLAINTIFF DEADLINE IS JULY 7, 2021
NEW YORK, May 12, 2021 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed has been filed in the United States District Court for the Northern District of California on behalf of investors that purchased the securities of Skillz Inc. ("Skillz" or the "Company") (NYSE: SKLZ) from December 20, 2020 through April 19, 2021 (the “Class Period”).
All investors who purchased shares of Skillz Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of Skillz Inc., you may, no later than July 7, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Skillz Inc.
On March 8, 2021, Wolfpack Research released a report titled, “SKLZ: IT takes Little Skill to see this SPACtacular Disaster Coming” (the “Wolfpack Report”). The Wolfpack Report alleges that the growth speculations that Skillz and its insiders had touted were “entirely unrealistic” given the fact 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, the price of Skillz stock plummeted 10.9% to close at $24.45, down $3 from the previous day.
Then, 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, SKLZ shares declined 6.61%, or $1 to close at $14.11 on April 19, 2021. Shares further declined the next day to an all-time low of $12.55.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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