Skillz shares skyrocket >400%; co wins legal victory against rival Papaya Gaming

Shares of mobile gaming platform Skillz SKLZ.N skyrocket as much as 443.5% to $20 on Thurs amid multiple halts for volatility. Stock last up 270% at $13.62

Rival Papaya Gaming found liable for false advertising Thurs and ordered by a Manhattan federal court jury to pay $420 mln in damages to Skillz, Bloomberg Law reports

Jury also said Skillz is entitled to $652 mln in disgorgement, which the judge plans to issue a decision on in early June, according to the report

Skillz accused Papaya of using bots in certain games and tournaments, and claimed Papaya falsely advertised them as "skill-based" competition between humans

Las Vegas, Nevada-based Skillz issues a statement, saying "we’re pleased with the jury’s verdict and appreciate the careful consideration of the facts. We remain committed to fair competition and to providing a trusted, transparent experience for players and developers”

Over 16 mln SKLZ shares have traded on the session vs their 10-DMA volume of about 300,000, per LSEG data

Co has ~15.6 mln shares outstanding and 9.6 mln shares of free float

SKLZ is currently the top trending ticker on retail trading platform Stocktwits

Co went public in Dec 2020 through SPAC merger with Flying Eagle Acquisition Corp