Class Action Reminder: Kessler Topaz Meltzer & Check, LLP Reminds Investors of Securities Fraud Class Action Lawsuit Filed Against Skillz Inc.
May 21, 2021
The law firm of Kessler Topaz Meltzer & Check, LLP reminds investors that a securities fraud class action lawsuit has been filed against Skillz Inc. (NYSE: SKLZ) (“Skillz”) f/k/a Flying Eagle Acquisition Corp. (NYSE: FEAC) (“FEAC”) on behalf of those who purchased or acquired Skillz securities between December 16, 2020 and April 19, 2021, inclusive (the “Class Period”).
Skillz is an internet tech company that provides a proprietary gaming platform for mobile gaming users and developers. FEAC was formed as a special purpose acquisition company in early January 2020 by its sponsor Eagle Equity Partners II, LLC, led and controlled by defendant, Harry Sloan, a member of Skillz’s Board of Directors and former President and Chairman of FEAC.
The complaint alleges that throughout the Class Period, the defendants disseminated false and misleading statements and omissions that materially misrepresented Skillz’s purported financial condition and prospects. These materially misleading statements and omissions included representations relating to certain of Skillz’s business operations, performance metrics and ultimate valuation, including, among others, Skillz’s ability to attract new end-users, future profitability, the shrinking popularity of its hosted games that accounted for 88% of its revenue, and Skillz’s valuation.
Skillzinvestors may, no later than July 7, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP.
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