Philadelphia, Pennsylvania--(Newsfile Corp. - October 11, 2023) - Federal securities fraud complaints allege that the Wheels Up (NYSE: UP), via certain of its officers and directors, made materially false and/or misleading statements and/or failed to disclose that: (1) Wheels Up failed to address any material weaknesses with internal controls; (2) Wheels Up's financial statements from September 30, 2022 to the present included "certain errors" such as understating net loss and overstating goodwill; (3) as a result, Wheels Up would need to restate its previously filed financial statements for certain periods; and (4) 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.
Current Wheels Up shareholders who have continuously held Wheels Up stock since prior to September 30, 2022, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award at no cost whatsoever.
If you would like to learn more about this matter, visit https://grabarlaw.com/the-latest/wheels-up-shareholder-investigation/, contact us at jgrabar@grabarlaw.com, or call 267-507-6085.
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Contact:
Joshua H. Grabar, Esq.
Grabar Law Office
One Liberty Place
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: 267-507-6085
Email: jgrabar@grabarlaw.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183624
