NEW YORK, March 09, 2021 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, is investigating claims of violations of federal securities laws on behalf of investors of Skillz Inc. (“Skillz” or the “Company”) (NYSE: SKLZ).
Skillz operates as a mobile games platform. The Company helps developers build franchises by enabling social competition in their games and other casual e-sport tournaments for players.
On March 8, 2021, Wolfpack Research (“Wolfpack”) published a report entitled “Skillz: It Takes Little Skill to See This Spectacular Disaster Coming.” The Wolfpack report described Skillz as “another SPAC preying on retail investors by obtaining a ridiculous valuation for the SPAC merger based on self-serving projections.” Among other issues, the Wolfpack report alleges that Skillz’ top three games, which represent 88% of its revenues, had already plateaued by the third quarter of 2020. The Wolfpack research accuses Skillz of having a history of announcing big deals and partnerships that have “historically amounted to very little, or nothing at all.” As an example, Wolfpack research pointed to the Skillz recent announcement of its partnership with the NFL that pumped Skillz shares to its all-time highs only days before the Company filed an S-1 Form, allowing insiders to sell millions of shares of stock at inflated prices.
On this news, Skillz stock price fell sharply from $28.59 per share, or over 14%, to close at $24.45 per share on March 8, 2021.
If you are a shareholder of Skillz and wish to participate, learn more, or discuss the issues surrounding the investigation, please contact our attorneys at (914) 733-7256 or via email at investigations@lowey.com.
Whistleblowers: Persons with non-public information regarding Skillz should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.
Contact
Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7256
Email: investigations@lowey.com