NEW YORK, May 01, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of investors who purchased or otherwise acquired Wheels Up Experience Inc. (“Wheels Up” or the “Company”) (NYSE: UP) securities between November 9, 2022 and March 31, 2023, inclusive (the “Class Period”). Click Here to Join Investigation.
If you acquired Wheels Up securities during the Class Period and would like to discuss this case, please click here. You may also contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than June 20, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
On March 31, 2023, after market hours, the Company disclosed that it would restate its financial statements from September 30, 2022 to the present and that Wheels Up had identified a material weakness in its internal control over financial reporting related to the financial statement close process for the three months ended September 30, 2022. The Company also disclosed, among other things, that a $62 million goodwill impairment charge should have been recognized by the Company during the three months ended September 30, 2022 and that this resulted in “a $62 million increase to the Company’s Net loss for the three and nine months ended September 30, 2022.”
On April 3, 2023, the first trading day following the news, Wheels Up’s share price fell 11.38% to close at $0.5608 per share.
The Complaint alleges that throughout the Class Period, the Defendants made materially false and/or misleading statements and failed to disclose that (1) Wheels Up failed to address any material weakness 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, and (3) as a result, Wheels Up would need to restate its previously filed financial statements for certain periods, among other things.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
