Wheels Up Experience Inc.
Company Name | Wheels Up Experience Inc. |
Stock Symbol | UP |
Class Period | November 09, 2022 to March 31, 2023 |
Lead Plaintiff Motion Deadline | June 20, 2023 |
On March 31, 2023, after the market closed, Wheels Up disclosed that it was restating prior financial statements “due to the identification of errors related to a non-cash goodwill impairment charge” of $62 million that “should have been recognized during the three months ended September 30, 2022.” The Company also stated that management had determined that a material weakness existed in its internal control over financial reporting and that it has “reconsidered its assessment and now concludes that [it] did not maintain effective disclosure controls and procedures.”
On this news, Wheels Up’s stock price fell $0.072, or 11.4%, to close at $0.561 per share on April 3, 2023, thereby injuring investors.
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) Wheels Up failed to address any material weaknesses with internal controls; (2) Wheels Up’s financial statements from September 30, 2022 to the present included “certain errors” such as understating net loss and overstating goodwill; (3) as a result, Wheels Up would need to restate its previously filed financial statements for certain periods; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Submit Your Information
If you suffered a loss on your Wheels Up Experience Inc. 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.