WHEELS UP INVESTOR ALERT: Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Wheels Up To Contact Him Directly To Discuss Their Options
NEW YORK, April 8, 2023 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Wheels Up Experience Inc. ("Wheels Up" or the "Company") (NYSE: UP).
If you suffered losses exceeding $50,000 investing in Wheels Up stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/UP.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
On March 31, 2023, after market hours, Wheels Up 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, the Company 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."
On this news, the price of Wheels Up's stock price fell $0.072 per share, or 11.37%, to close at $0.5610 per share on April 3, 2023, the next trading day.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
SOURCE Faruqi & Faruqi, LLP
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