Mobile Game Company Skillz Beats Investor Suit at Ninth Circuit

A federal appeals court upheld a decision throwing out a securities fraud lawsuit accusing mobile game platform Skillz Inc. of misleading investors about its finances.

Investors said the platform painted an overly rosy picture of Skillz’s paid user engagement and didn’t disclose that download rates for popular games were falling, among other things.

But Skillz didn’t make any false or misleading statements, the US Court of Appeals for the Ninth Circuit said in an opinion Tuesday.

The platform regularly reported various engagement metrics, including user numbers, the Ninth Circuit said. The court also noted that download rates for games would ...