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Skillz Inc.

Company NameSkillz Inc.
Stock SymbolSKLZ
Class PeriodDecember 16, 2020 to April 19, 2021
Lead Plaintiff Motion DeadlineJuly 07, 2021

On March 8, 2021, Wolfpack Research published a report about the Company alleging that the growth speculations from Skillz and its insiders were “entirely unrealistic” and 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, Skillz stock price fell $3.00 per share, or 10.9%, to close at $24.45, thereby injuring investors.

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, Skillz stock price fell $1.00, or 6.61%, to close at $14.11 on April 19, 2021. Shares continued to decline to close at $12.55 on April 20, 2021, thereby injuring investors further. 

The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) three games responsible for a majority of Skillz's revenues had declined substantially; (2) Skillz's revenue recognition policy misrepresented the financial condition of the company; (3) unrealistic market growth, specifically in the Android market; and (4) 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.

 

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