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Lawsuit filed for Investors with losses from shares of Wheels Up Experience Inc. (NYSE: UP)

04-25-2023 07:15 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Wheels Up Experience Inc. (NYSE: UP) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Wheels Up Experience Inc. (NYSE: UP) shares over alleged securities laws violations.

An investor, who purchased shares of Wheels Up Experience Inc. (NYSE: UP), filed a lawsuit over alleged violations of Federal Securities Laws by Wheels Up Experience Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Wheels Up Experience Inc. (NYSE: UP) have certain options and for certain investors are short and strict deadlines running. Deadline: June 19, 2023.. NYSE: UP investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

New York based Wheels Up Experience Inc. provides private aviation services in the United States. 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.

The plaintiff claims that between November 9, 2022 and March 31, 2023, the defendants made materially false and/or misleading statements and/or failed to disclose that Wheels Up failed to address any material weaknesses with internal controls, that Wheels Up's financial statements from September 30, 2022 to the present included "certain errors" such as understating net loss and overstating goodwill, that as a result, Wheels Up would need to restate its previously filed financial statements for certain periods, and that 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.

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.

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