Kewaunee Scientific Corporation (KEQU)
Whether directors and officers of Kewaunee Scientific Corporation (KEQU) breached their fiduciary duties to the company and its shareholders.
Investigation
05/07/2021
Initial Lawsuit
05/07/2021
Lawsuit Progression
08/09/2021
Investigation regarding Skillz’s 2020 declining downloads for its games, customers incentives, revenue projections and overall company valuation.
03/08/2021
Shortseller Wolfpack Research publishes a ‘short’ report alleging that Skillz misrepresented its valuation, based on unrealistic revenue growth projection, while hiding pre initial public offering (IPO) substantial decrease in downloads of its games (21 Blitz, Solitaire Cube, and Blackout Bingo). The report further alleges that Skillz was boasting “big partnerships” ultimately failing to result in any substantial value for the company.
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$24.45 | $27.45 | $-3 | -10.93% |
This is a federal securities class action on behalf of those who purchased or otherwise acquired Skillz securities between December 16, 2020 and April 19, 2021, inclusive.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:
(i) approve the transaction by voting in favor of it;
(ii) elect to sell their shares in the open market;
or (iii) vote against the transaction and redeem their shares for a pro-rata share of the trust account.
08/09/2021
The court issued an order appointing the lead plaintiff and lead counsel.
10/08/2021
This is a federal securities class action on behalf of all persons who purchased or otherwise acquired Skillz common stock between December 16, 2020 and May 4, 2021, inclusive and all persons who purchased Skillz’s common stock in the Company’s March 19, 2021 public offering . . . for violations of Section 10 and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, and/or Sections 11, 12(a)(2), and 15 of the Securities Act of 1933.
Operative complaint
Whether directors and officers of Kewaunee Scientific Corporation (KEQU) breached their fiduciary duties to the company and its shareholders.
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