Gol Linhas Aereas Inteligentes S.A.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who acquired Gol Linhas Aereas Inteligentes S.A. (“Gol” or the “Company”) (NYSE: GOL) securities during the period from March 14, 2019 through July 22, 2020, inclusive (the “Class Period”). Investors have until November 10, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
In mid-June 2020, Gol’s auditor, KPMG, raised significant concerns about Gol during the accounting firm’s first annual audit of the Company after being hired in 2019, stating that it had an “adverse opinion” on the strength of Gol’s internal controls regarding the preparation of financial statements, adding that there was “substantial doubt” about the airline’s ability to exist a year from now. KPMG’s adverse opinion prompted Gol to carry out a review of its financial reporting procedures.
On July 23, 2020, GOL announced that it had dismissed KPMG as the Company’s registered auditing firm.
On this news, shares of GOL fell $.055 per share, or 7%, to close at $7.25 per share on July 23, 2020
The complaint, filed on September 11, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) GOL had material weaknesses in its internal controls; (2) there was substantial doubt as to the Company’s ability to continue to exist as a going concern because of negative net working capital and net capital deficiency; and (3) 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you acquired Gol securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.