An investigation on behalf of investors in Skillz Inc. (NYSE: SKLZ) shares over potential wrongdoing at Skillz Inc. was announced.
San Diego, CA -- (SBWIRE) -- 06/20/2023 -- An investigation was announced over potential breaches of fiduciary duties by certain directors at Skillz Inc.
Investors who purchased shares of Skillz Inc. (NYSE: SKLZ) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Skillz Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
San Francisco, CA based Skillz Inc. operates a mobile game platform in the United States and internationally. Skillz Inc. reported that its annual Total Revenue rose from $230.11 million in 2020 to $384.08 million in 2021, and that its Net Loss increased from $121.46 million in 2020 to $181.37 million in 2021.
On March 24, 2023 Skillz Inc 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."
Those who purchased shares of Skillz Inc. (NYSE: SKLZ) have certain options and should contact the Shareholders Foundation.
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