Wheels Up Experience Inc. Class Action Lawsuit - UP
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The Wheels Up class action lawsuit seeks to represent purchasers or acquirers of Wheels Up Experience Inc. (NYSE: UP) securities between November 9, 2022 and March 31, 2023, inclusive (the “Class Period”). Captioned The Lee Goodman Trust v. Wheels Up Experience Inc., No. 23-cv-02900 (E.D.N.Y.), the Wheels Up class action lawsuit charges Wheels Up and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Wheels Up class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at email@example.com. Lead plaintiff motions for the Wheels Up class action lawsuit must be filed with the court no later than June 20, 2023.
CASE ALLEGATIONS: Wheels Up provides private aviation services in the United States.
The Wheels Up class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Wheels Up failed to address any material weaknesses with internal controls; (ii) Wheels Up’s financial statements from September 30, 2022 to the present included certain errors such as understating net loss and overstating goodwill; and (iii) as a result, Wheels Up would need to restate its previously filed financial statements for certain periods.
On March 17, 2023, Wheels Up reported that it would not timely file its Form 10-K for the year ended December 31, 2022. On this news, the price of Wheels Up stock fell more than 3%.
Then, on March 31, 2023, Wheels Up reported that it would restate its financial statements from September 30, 2022 to the present, and expected to report at least one material weakness in internal controls over financial reporting. On this news, the price of Wheels Up stock fell more than 11%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Wheels Up securities during the Class Period to seek appointment as lead plaintiff of the Wheels Up class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Wheels Up class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Wheels Up class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Wheels Up class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.