Wheels Up Experience Inc. (UP) Must Restate its Previously Filed Financial Statements for Certain Periods
A shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Wheels Up Experience Inc. (NYSE: UP) securities common stock between November 9, 2022 and March 31, 2023, for violations of the Securities Exchange Act of 1934. Wheels Up Experience Inc. provides private aviation services in the United States.
According to the complaint, defendants made materially false and/or misleading statements and/or failed to disclose 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’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. The lawsuit continues that when the truth was revealed, investors suffered damages.
What Now: Similarly situated shareholders may be eligible to participate in the class action against Wheels Up. Shareholders who want to act as lead plaintiff for the class must file their papers by June 19, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
