U.S. markets close in 17 minutes
  • S&P 500

    4,459.92
    +10.94 (+0.25%)
     
  • Dow 30

    34,830.04
    +65.22 (+0.19%)
     
  • Nasdaq

    15,056.36
    +4.12 (+0.03%)
     
  • Russell 2000

    2,253.15
    -5.89 (-0.26%)
     
  • Crude Oil

    73.99
    +0.69 (+0.94%)
     
  • Gold

    1,747.60
    -2.20 (-0.13%)
     
  • Silver

    22.37
    -0.31 (-1.36%)
     
  • EUR/USD

    1.1721
    -0.0026 (-0.22%)
     
  • 10-Yr Bond

    1.4600
    +0.0500 (+3.55%)
     
  • GBP/USD

    1.3670
    -0.0051 (-0.37%)
     
  • USD/JPY

    110.7740
    +0.4730 (+0.43%)
     
  • BTC-USD

    42,431.07
    -2,365.55 (-5.28%)
     
  • CMC Crypto 200

    1,054.79
    -48.27 (-4.38%)
     
  • FTSE 100

    7,051.48
    -26.87 (-0.38%)
     
  • Nikkei 225

    30,248.81
    +609.41 (+2.06%)
     

The Gross Law Firm Announces Class Actions on Behalf of Shareholders of SKLZ, UI and HMPT

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·4 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

NEW YORK, NY / ACCESSWIRE / June 29, 2021 / The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly traded companies. Shareholders who purchased shares in the following companies during the dates listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Appointment as Lead Plaintiff is not required to partake in any recovery.

Skillz Inc. f/k/a Flying Eagle Acquisition Corp. (NYSE:SKLZ)

Investors Affected : December 16, 2020 - April 19, 2021

A class action has commenced on behalf of certain shareholders in Skillz Inc f/k/a Flying Eagle Acquisition Corp. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: representations relating to certain of Skillz's business operations, performance metrics and ultimate valuation, including, among others, Skillz's ability to attract new end-users, future profitability, the shrinking popularity of its hosted games that accounted for 88% of its revenue, and the Company's valuation. For example, one of the Company's objectively unrealistic promises included the unsupportable claim that the Company was valued at $3.5 billon, based on revenue projections in excess of $550 million for 2022. However, the Company failed to inform investors that downloads of the games that account for a majority share of its revenue have been declining since at least November 2020. In reality, the Company's prospects for attaining that revenue scale was far from realistic given its size, market share, reliance on thirdparty app stores, declining downloads of its most popular games and, critically, the enormous amount of incentive Bonus Payments that Skillz routinely provides to its gamer customers, a fact that investors were misled about. These Bonus Payments are routinely provided to its customers, who are expected to use them for game entry fees, which, in turn, artificially inflates Skillz revenue.

Shareholders may find more information at https://securitiesclasslaw.com/securities/skillz-inc-f-k-a-flying-eagle-acquisition-corp-loss-submission-form/?id=17235&from=1

Ubiquiti Inc. (NYSE:UI)

Investors Affected : January 11, 2021 - March 20, 2021

A class action has commenced on behalf of certain shareholders in Ubiquiti Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the Company had downplayed the data breach in January 2021; (2) attackers had obtained administrative access to Ubiquiti's servers and obtained access to, among other things, all databases, all user database credentials, and secrets required to forge single sign-on (SSO) cookies; (3) as a result, intruders already had credentials needed to remotely access Ubiquiti's customers' systems; and (4) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Shareholders may find more information at https://securitiesclasslaw.com/securities/ubiquiti-inc-loss-submission-form/?id=17235&from=1

Home Point Capital Inc. (NASDAQ:HMPT)

This lawsuit is on behalf of all persons and entities other than Defendants that purchased or otherwise acquired Home Point common stock pursuant and/or traceable to the Company's January 29, 2021 initial public offering.

A class action has commenced on behalf of certain shareholders in Home Point Capital Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) Home Point's aggressive expansion of its broker partners would dramatically increase the Company's expenses; (ii) the mortgage industry was anticipating industry-wide decreased gain-on-sale margins as a result of rising interest rates in 2021 and Home Point would be subject to the same competitive pressures; (iii) accordingly, the Company had overstated its business and financial prospects; and (iv) as a result, the Offering Documents were materially false and/or misleading and failed to state information required to be stated therein.

Shareholders may find more information at https://securitiesclasslaw.com/securities/home-point-capital-inc-loss-submission-form/?id=17235&from=1

The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (212) 537-9430
Fax: (833) 862-7770

SOURCE: The Gross Law Firm



View source version on accesswire.com:
https://www.accesswire.com/653519/The-Gross-Law-Firm-Announces-Class-Actions-on-Behalf-of-Shareholders-of-SKLZ-UI-and-HMPT