SAN DIEGO, Sept. 24, 2024 (GLOBE NEWSWIRE) — The Shareholders Foundation, Inc. announced an update in the lawsuit that was pending for certain investors who purchased NYSE: SKLZ shares.
Investors who purchased shares Flying Eagle Acquisition Corp. (formerly NYSE: FEAC) that later became Skillz Inc. (NYSE: SKLZ) shares have also certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
Skillz Inc became a public company in December 2020 by merging with Flying Eagle Acquisition Corp. (formerly NYSE: FEAC) a publicly-traded special purpose acquisition company. NYSE: SKLZ shares began trading on December 17, 2020.
On May 7, 2021 an investor in NYSE: SKLZ shares filed a lawsuit against Skillz Inc. over alleged securities laws violations. The plaintiff alleged that the defendants made false and/or misleading statements and/or failed to disclose that three games responsible for a majority of Skillz’s revenues had declined substantially, that Skillz’s revenue recognition policy misrepresented the financial condition of the company, and that unrealistic market growth, specifically in the Android market.
On March 01, 2023, the Court issued an order granting Defendants’ Motion to Dismiss.
On March 30, 2023, a notice appealing the Court’s Dismissal Order was filed and on April 19, 2024, the Court of Appeals affirmed the District Court’s ruling.
Those who purchased shares Flying Eagle Acquisition Corp. (formerly NYSE: FEAC) that then became Skillz Inc. (NYSE: SKLZ) shares should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
