Wolf Popper has successfully recovered billions of dollars for defrauded investors
Wolf Popper LLP is investigating potential securities fraud claims on behalf of purchasers of Skillz Inc. common stock (NYSE: SKLZ).
In September 2020, Flying Eagle Acquisition Corp. (NYSE: FEAC), a special purpose acquisition company (SPAC), announced it had entered into an agreement to merge with Skillz in order to take Skillz public. The merger was approved by a majority vote of the holders of Flying Eagle common shares. The merger closed on December 16, 2020, and Flying Eagle changed its name to Skillz and its stock symbol to “SKLZ”.
Late in the trading day on March 8, 2021, Wolfpack Research issued a report alleging Skillz’s top mobile games growth was either stagnant or declining, which made Skillz’s revenue projections appear “farcical.” Furthermore, Wolfpack’s research and conversations with former Skillz employees and others “…show us that the growth projections SKLZ and its SPAC sponsor continue to present to investors are entirely unrealistic.”
On this news, Skillz’s stock price fell $3.00 per share, or almost 11%, and closed at $24.45 per share on March 8, 2021.
Investors who have lost over $50,000 trading in Skillz common stock and who would like to discuss the investigation.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper’s reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. For more information about Wolf Popper.