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The Gross Law Firm Announces Class Actions on Behalf of Shareholders of CS, PTON and SKLZ

10:18 am ET June 10, 2021 (Accesswire) Print

NEW YORK, NY / ACCESSWIRE / June 10, 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.

Credit Suisse Group AG (NYSE:CS)

Investors Affected : October 29, 2020 - March 31, 2021

A class action has commenced on behalf of certain shareholders in Credit Suisse Group AG. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: defendants concealed material defects in the Company's risk policies and procedures and compliance oversight functions and efforts to allow high-risk clients to take on excessive leverage, including Greensill Capital ("Greensill") and Archegos Capital Management ("Archegos"), exposing the Company to billions of dollars in losses.

Shareholders may find more information at https://securitiesclasslaw.com/securities/credit-suisse-group-ag-loss-submission-form/?id=16767&from=1

Peloton Interactive, Inc. (NASDAQ:PTON)

Investors Affected : September 11, 2020 - May 5, 2021

A class action has commenced on behalf of certain shareholders in Peloton Interactive, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) in addition to the tragic death of a child, Peloton's Tread+ had caused a serious safety threat to children and pets as there were multiple incidents of injury to both; (2) safety was not a priority to Peloton as defendants were aware of serious injuries and death resulting from the Tread+, yet did not recall or suggest a halt of the use of the Tread+; (3) as a result of the safety concerns, the U.S. Consumer Product Safety Commission ("CPSC") declared that the Tread+ posed a serious risk to public health and safety and urgently recommended that consumers with small children cease using the Tread+; (4) the CPSC also found a safety threat to Tread+ users if they lost their balance; and (5) as a result of the foregoing, defendants' statements about Peloton's business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Shareholders may find more information at https://securitiesclasslaw.com/securities/peloton-interactive-inc-loss-submission-form/?id=16767&from=1

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=16767&from=1

Image: https://www.accesswire.com/users/newswire/images/651260/image.png

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/651260/The-Gross-Law-Firm-Announces-Class-Actions-on-Behalf-of-Shareholders-of-CS-PTON-and-SKLZ

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