New York, New York--(Newsfile Corp. - March 28, 2023) - Pomerantz LLP is investigating claims on behalf of investors of Skillz Inc.("Skillz" or the "Company") (NYSE: SKLZ). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Skillz and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 24, 2023, in a filing with the U.S. Securities and Exchange Commission, Skillz stated that its "previously issued consolidated financial statements as of and for the years ended December 31, 2021 and December 31, 2020 and the previously issued unaudited interim condensed consolidated financial statements in 2020 and 2021 and the first three quarters of 2022 (collectively, the 'Relevant Periods'), as well as the associated earnings press releases, were materially misstated and therefore the financial statements should be restated and the financial statements and earnings press releases should no longer be relied upon." Specifically, Skllz stated that it "identified multiple prior Relevant Period misstatements, the most material of which identified to date relate to (i) an increase in end-user liability, (ii) indirect tax liabilities in foreign jurisdictions and U.S. sales and use tax liabilities, and (iii) impairment of long-lived assets of Aarki, Inc. The Company will correct for such misstatements by restating its 2021 and 2020 consolidated financial statements, in connection with the filing of its 2022 10-K. Restated financial information as of and for the impacted 2022, 2021 and 2020 quarterly and annual periods will be included in the 2022 10-K." On this news, Skillz's stock price fell sharply during intraday trading on March 27, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/160197
