Investigation announced for Investors in shares of Wheels Up Experience Inc. (NYSE: UP) over possible Violations of Securities Laws by Wheels Up Experience Inc

Wheels Up Experience Inc. is under investigation over potential securities laws violations in connection with certain financial statements.

Investors who purchased shares of Wheels Up Experience Inc. (NYSE: UP), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on whether a series of statements by Wheels Up Experience Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

New York based Wheels Up Experience Inc. provides private aviation services in the United States. Wheels Up Experience Inc. reported that its annual Total Revenue rose from over $1.19 billion in 2021 to over $1.57 billion in 2022, and that its Net Loss increased from $190.02 million in 2021 to $555.16 million in 2022.

On March 31, 2023, after market hours, Wheels Up Experience Inc. announced on Form 10-Q/A their March 31, 2023 Current Report on Form 8-K, "a restatement of the Prior Financial Statements was necessary due to the identification of errors related to a non-cash goodwill impairment charge that should have been recognized in the Prior Financial Statements. The Company determined that a non-cash goodwill impairment charge of $62 million should have been recognized during the three months ended September 30, 2022."

In addition, Wheels Up Experience Inc. stated, "[a]s a result of the restatement of the Company's financial statements and the filing of this Form 10-Q/A, management has determined that a material weakness existed in the Company's internal control over financial reporting related to the financial statement close process for the quarter ended September 30, 2022. The identified material weakness is further described in Item 4 within this Form 10-Q/A and the Company's remediation plan will be described in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. In addition, as a result of the restatement of the Company's financial statements and the material weakness described above, management has reconsidered its assessment and now concludes that we did not maintain effective disclosure controls and procedures for the quarter ended September 30, 2022."

Shares of Wheels Up Experience Inc. (NYSE: UP) declined to $0.4162 per share on April 11, 2023.

Those who purchased shares of Wheels Up Experience Inc. (NYSE: UP) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.