NEW YORK, May 10, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Skillz, Inc. (“Skillz” or the “Company”) (NYSE: SKLZ) in the United States District Court for the Northern District of California on behalf of those who purchased or acquired the securities of Skillz between December 16, 2020 and April 19, 2021, inclusive (the “Class Period”). The lawsuit seeks to recover damages for investors under the federal securities laws.
According to the Complaint, Defendants 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.
Investors who purchased or otherwise acquired shares of Skillz during the Class Period should contact the Firm prior to the July 7, 2021 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
