A shareholder sued Skillz Inc. founder Andrew Paradise and scores of corporate insiders, saying they manipulated the gaming platform’s share price so they could save tens of millions of dollars dumping stock.
The lawsuit, made public Wednesday, targets several current and former company leaders and nearly 80 investors tied to them, including former NBA All-Star Luol Deng. The heavily redacted complaint says they dodged $94 million in losses by inflating Skillz’s stock with strategically timed disclosures, then selling shares worth $462 million when they knew the company was about to reveal bad news.
“The market reaction was swift and severe,” ...
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