Wheels Up Experience Inc.
Lead Plaintiff Deadline 06/20/2023
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 Wheels Up Experience Inc. (“Wheels Up” or the “Company”) (NYSE: UP) securities during the period from November 9, 2022 through March 31, 2023 (the “Class Period”). Investors have until June 20, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Wheels Up provides private aviation services, freight, safety, and security solutions, as well as managed services in the United States.
On March 17, 2023, Wheels Up issued a Notification of Late Filing with the Securities and Exchange Commission (“SEC”) regarding its Annual Report on Form 10-K for the year ended December 31, 2022, citing “unanticipated delays in compiling certain necessary information to complete its audited financial statements and prepare a complete filing of its Annual Report.” On this news, the price of Wheels Up shares declined by $0.06 per share, or approximately 6.94%, from $0.89 per share to close at $0.82 on March 17, 2023.
On March 31, 2023, Wheels Up filed an 8-K/A with the SEC announcing it would restate its financial statements from September 30, 2022 to the present, and expected to report at least one material weakness. On the same day, the Company filed its 2022 Annual Report on Form 10-K with the SEC, reiterating material weaknesses regarding the Company’s internal controls over financial reporting. On this news, the price of Wheels Up shares declined by $0.07 per share, or approximately 11.38%, from $0.63 per share to close at $0.56 on April 3, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as 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.