WHEELS UP EXPERIENCE INC. CLASS ACTION ALERT: WOLF HALDENSTEIN ADLER FREEMAN & HERZ LLP REMINDS INVESTORS THAT A SECURITIES CLASS ACTION LAWSUIT HAS BEEN FILED IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF NEW YORK AGAINST WHEELS UP EXPERIENCE INC.

LEAD PLAINTIFF DEADLINE IS JUNE 20, 2023

NEW YORK, May 3, 2023 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP  ("Wolf  Haldenstein") announces that a federal securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of all persons or entities who purchased the securities of Wheels Up Experience Inc. ("Wheels Up" or the "Company") (NYSE: UP) between November 9, 2022 and March 31, 2023, both dates inclusive (the "Class Period").

All investors who purchased shares and incurred losses are  advised  to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses, you may, no later than June 20, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.

The filed Complaint alleges that 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;
• Wheels Up's financial statements from September 30, 2022 to the present included "certain errors"
  such as understating net loss and overstating goodwill;
• as a result, Wheels Up would need to restate its previously filed financial statements for certain periods; and
• 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.

On March 31, 2023, after the market closed, Wheels Up disclosed that it was restating prior financial statements "due to the identification of errors related to a non-cash goodwill impairment charge" of $62 million that "should have been recognized during the three months ended September 30, 2022." The Company also stated that management had determined that a material weakness existed in its internal control over financial reporting and that it has "reconsidered its assessment and now concludes that [it] did not maintain effective disclosure controls and procedures."

On this news, Wheels Up's stock price fell $0.072, or 11.4%, to close at $0.561 per share on April 3, 2023, thereby injuring investors.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at [email protected].

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

SOURCE Wolf Haldenstein Adler Freeman & Herz LLP