According to the Complaint, Skillz Inc. (f/k/a Flying Eagle Acquisition Corp or "FEAC") operates an online mobile multiplayer competition proprietary platform. Players use it to compete in online competitions against other players across the world.

FEAC was formed as a SPAC in early January 2020 by its sponsor Eagle Equity Partners II, LLC. Within eight months, FEAC and one of the Individual Defendants had secured $158 million in private placement commitments in connection with a business combination between FEAC and its target – Skillz.

The Complaint alleges Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) three games responsible for a majority of Skillz’s revenues had declined substantially; (ii) Skillz’s revenue recognition policy misrepresented the financial condition of the company; (iii) unrealistic market growth, specifically in the Android market; and (iv) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On August 9, 2021, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel. All future docketing was ordered to be done in the lead case 21-CV-03450.

Lead Plaintiffs filed an amended consolidated Complaint on October 8, 2021. Defendants filed a Motion to Dismiss the amended consolidated Complaint on December 23. On July 5, 2022, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

Lead Plaintiffs filed a second amended consolidated Complaint on August 4, 2022. Defendants filed a Motion to Dismiss the second amended consolidated Complaint on September 19. On March 1, 2023, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice.

Lead Plaintiffs filed a Notice appealing the Court's Dismissal Order on March 30, 2023. On April 19, 2024, the Court of Appeals affirmed the District Court's ruling.