Gol Linhas Aereas Inteligentes S.A.
| Company Name | Gol Linhas Aereas Inteligentes S.A. |
| Stock Symbol | GOL |
| Class Period | March 14, 2019 to July 22, 2020 |
| Lead Plaintiff Motion Deadline | November 10, 2020 |
On June 16, 2020, Gol stated that it could not timely file its fiscal 2019 annual report. The Company also disclosed that its independent auditor’s report on Gol’s internal control over financial reporting would “probably include one or more material weaknesses” and that the report “will probably include an emphasis paragraph regarding the [Company’s] ability to continue as a going concern.”
On this news, the Company’s shares fell $0.27, or 3.5%, to close at $7.30 per share on June 16, 2020, thereby injuring investors.
Then, on June 29, 2020, after the market closed, Gol filed its fiscal 2019 annual report. Therein, Gol’s auditor raised significant concerns about the Company’s accounting, including that Gol lacked “(i) effective policies and procedures related to the identification and disclosure of material uncertainties in the going concern analysis and (ii) effective review of financial statement information, and related presentation and disclosure requirements.”
On this news, the Company’s shares fell $0.14, or 2%, to close at $6.78 per share on June 30, 2020, thereby injuring investors further.
Then, on July 23, 2020, Gol announced the termination of KPMG Auditores Independentes as its external auditor.
On this news, the Company’s share price fell $0.55, or 7%, to close at $7.25 per share on July 23, 2020, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Gol had material weaknesses in its internal controls; (2) there was substantial doubt as to the Company's ability to continue to exist as a going concern because of negative net working capital and net capital deficiency; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Submit Your Information
If you suffered a loss on your Gol Linhas Aereas Inteligentes S.A. investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.