Wheels Up Experience Inc.
|Company Name||Wheels Up Experience Inc.|
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.
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