SKLZ (SKLZ)

A federal court has ordered Papaya Gaming to pay $719 million in disgorgement to Skillz Platform Inc., a subsidiary of Firy Inc. (NYSE: FIRY), for unjust profits derived from false advertising. This ruling is largely based on evidence revealing that between 2021 and 2024, approximately $4.7 billion of advertised prize money by Papaya was never paid to customers, as bots controlled by Papaya "won" these prizes. The judgment follows a unanimous jury verdict in April 2026, which found Papaya's advertising to be false and awarded $420 million in actual damages, now superseded by the higher disgorgement amount.

A federal court has ordered Papaya Gaming to pay $719 million to Skillz Platform Inc., a subsidiary of FIRY Inc. (NYSE: FIRY), for disgorgement of unjust profits from false advertising. This ruling increases Skillz's recovery by nearly $300 million beyond the initial jury award, making it the largest false advertising case in U.S. history. The lawsuit accused Papaya Gaming of using bots to fake competition and falsely advertise prize money between 2021 and 2024.

The Klein Law Firm has announced a lead plaintiff deadline of July 7, 2021, for a class action lawsuit filed against Skillz Inc. (f/k/a Flying Eagle Acquisition Corp.) shareholders. The lawsuit alleges that Skillz violated federal securities laws by making materially false and misleading statements regarding its business operations, performance metrics, and valuation between December 16, 2020, and April 19, 2021. Shareholders affected during this period may be entitled to compensation without out-of-pocket fees.

Skillz Inc. has officially rebranded as Firy Inc. and will trade under the new NYSE ticker symbol FIRY, effective June 22, 2026. The name change, which occurred on June 18, 2026, also involved an update to the company's bylaws but did not affect shareholder rights. Despite the rebranding, an AI analyst from TipRanks has given SKLZ (now FIRY) a Neutral rating due to weak financial performance and ongoing risks, although improving unit economics offer moderate support.

Firy Inc. (NYSE: SKLZ) shareholders approved all proposals at their 2026 Annual Meeting, including the election of eight directors, the ratification of Deloitte & Touche LLP as the independent registered public accounting firm, and an amendment to the Skillz Inc. 2020 Omnibus Incentive Plan. The company, operating with a dual-class share structure where Class B shares carry 20 votes each, saw significant support for all director nominees and the equity plan amendment, which increases authorized shares for issuance under the plan.