The Law Offices of Vincent Wong Notify Investors of a Class Action Lawsuit Involving Skillz Inc. f/k/a Flying Eagle Acquisition Corp.
New York, New York – (Newsfile Corp. – June 15, 2021) – Vincent Wong’s law firms announce that a class action lawsuit has been initiated on behalf of investors who purchased Skillz Inc. f / k / a Flying Eagle Acquisition Corp. (“Skillz Inc.”) (NYSE: SKLZ) between December 16, 2020 and April 19, 2021.
If you have suffered a loss, contact us at the link below. There are no costs or obligations for you.
Allegations against SKLZ include that the company made materially false and / or misleading statements and / or failed to disclose: representations relating to certain Skillz business activities, performance metrics and the ultimate assessment, including but not limited to Skillz’s ability to new end-users, future profitability, the declining popularity of its hosted games, which accounted for 88% of its revenue, and the company’s valuation. Objectively unrealistic promises made by the company included, for example, the untenable claim that the company was valued at $ 3.5 billion based on sales projections of more than $ 550 million for 2022. However, the company failed to to inform investors that downloads of the games on this account for a large part of its sales have been declining since at least November 2020. In reality, given its size, market share, reliance on third-party app stores, and declining downloads, the company’s prospects of hitting this revenue scale have been its most popular. Far from realistic games, and most importantly the enormous amount of incentive bonus payments that Skillz routinely makes available to its gaming customers, a fact that investors have been misled about. These bonus payments are routinely made available to customers who are expected to use them for game entry fees, which in turn artificially boosts Skillz’s revenue.
If you have suffered damage at Skillz Inc., you can apply until July 7, 2021 for the court to appoint you as the lead plaintiff. Your ability to partake in a recovery does not require you to be the lead plaintiff.
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Vincent Wong, Esq. is an experienced attorney who has represented investors in securities disputes related to financial fraud and shareholder violations. Lawyer advertising. Previous results do not guarantee similar results.
Vincent Wong, Esq.
39 East Broadway
New York, NY 10002
Telephone number. 212.425.1140
Email: [email protected]
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