Skillz CEO sued by his brother over 5% stake
Apr. 27, 2021 8:04 AM ETSkillz Inc. (SKLZ)SKLZBy: Clark Schultz, SA News Editor26 Comments
- Skillz (NYSE:SKLZ) is involved in a legal tussle after the brother of the company's founder filed a petition to gain control back of an investment trust.
- The lawsuit accuses Skillz CEO Andrew Paradise of a scheme to take over his brother's 5% stake of the company, per Bloomberg Law.
- Shares of Skillz are off 0.30% premarket to $21.10 to barely dent the +60% one-week return.
- Last weekend, ARK Invest defended Skillz and said the claims of a short seller were exaggerated.. ARK Invest added more than 5M shares of Skillz last week to the ARK Innovation ETF.
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