Skillz (SKLZ) Stock News & Analysis

Skillz Inc. shares faced fresh volatility on Friday after a Manhattan federal jury ordered mobile-gaming rival Papaya Gaming Ltd. to pay $420 million in damages in a false-advertising case, a verdict that turned a thinly traded gaming stock into one of the market’s sharpest movers. Bloomberg Law reported that the jury found Papaya liable on Thursday and that a judge plans to rule in early June on a separate disgorgement issue, a remedy that can force a defendant to give up profits or savings tied to alleged misconduct.

Shares of Skillz Inc. shot higher on Thursday, after a Manhattan federal jury handed down a verdict against Papaya Gaming Ltd for false advertising. The panel awarded Skillz $420 million in damages and determined the company could seek an additional $652 million in disgorgement—profits Papaya might have to surrender. U.S. District Judge Denise Cote is set to weigh in on that recovery in early June.