The Gross Law Firm Announces Class Actions on Behalf of Shareholders of SOS, EBON and SKLZ

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The Gross Law Firm Announces Class Actions on Behalf of Shareholders of SOS, EBON and SKLZ

ACCESSWIRE2021-05-28

NEW YORK, NY / ACCESSWIRE / May 28, 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. ...

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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.\nSOS Limited (NYSE:SOS)\nInvestors Affected: July 22, 2020 - February 25, 2021\nA class action has commenced on behalf of certain shareholders in SOS Limited. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) SOS had misrepresented the true nature, location, and/or existence of at least one of the principal executive offices listed in its SEC filings; (ii) HY and FXK were either undisclosed related parties and/or entities fabricated by the Company; (iii) the Company had misrepresented the type and/or existence of the mining rigs that it claimed to have purchased; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.\nShareholders may find more information at https://securitiesclasslaw.com/securities/sos-limited-loss-submission-form/?id=16303&from=1\nEbang International Holdings Inc. (NASDAQ:EBON)\nInvestors Affected: June 26, 2020 - April 5, 2021\nA class action has commenced on behalf of certain shareholders in Ebang International Holdings Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the proceeds from Ebang's public offerings had been directed to an low yield, long term bonds to an underwriter and to related parties rather than used to develop the Company's operations; (2) Ebang's sales were declining and the Company had inflated reported sales, including through the sale of defective units; (3) Ebang's attempts to go public in Hong Kong had failed due to allegations of embezzling investor funds and inflated sales figures; (4) Ebang's purported crytocurrency exchange was merely the purchase of an out-of-the-box crypto exchange; and (5) 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.\nShareholders may find more information at https://securitiesclasslaw.com/securities/ebang-international-holdings-inc-loss-submission-form/?id=16303&from=1\nSkillz Inc. f/k/a Flying Eagle Acquisition Corp. (NYSE:SKLZ)\nInvestors Affected: December 16, 2020 - April 19, 2021\nA 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.\nShareholders may find more information at https://securitiesclasslaw.com/securities/skillz-inc-f-k-a-flying-eagle-acquisition-corp-loss-submission-form/?id=16303&from=1\n\nThe 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.\nCONTACT:The Gross Law Firm15 West 38th Street, 12th floorNew York, NY, 10018Email: dg@securitiesclasslaw.comPhone: (212) 537-9430Fax: (833) 862-7770\nSOURCE: The Gross Law Firm\n\nView source version on accesswire.com: \n\nhttps://www.accesswire.com/649573/The-Gross-Law-Firm-Announces-Class-Actions-on-Behalf-of-Shareholders-of-SOS-EBON-and-SKLZ","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}