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UP.US
id: 669, Created by Stan Vick, Scout
Wheels Up Experience Inc. (UP) Negligance Case
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E.D. New York
Court23-cv-02900
Case number- Wheels Up disclosed mistakes in previous financial statement.
- $UP price fell by 11.37%, injuring investors
- Investors suspect that Wheels, its Leaders & Services Providers were negligent and did not properly disclose important information, which as a result led to investment losses.
On March 31, 2023, Wheels Up (UP), an aviation company, announced that they made a mistake in their previous financial statements because they didn't properly report a loss of $62 million that happened in the third quarter of 2022. This means that the company's previous financial statements were not accurate.
The Сompany also said that they had a problem with their internal control system, which is the process they use to make sure that their financial statements are correct. They will explain how they plan to fix this problem in their next annual report.
As a result of these mistakes, the company now realizes that it did not provide enough information to investors during the Q3 of 2022.
On this news, the $UP price fell by 11.37%, injuring investors.
Taking appeared facts into account, Investors have reasons to suspect that Wheels, its Leaders & Services Providers were negligent and did not properly disclose important information, which as a result led to investment losses.
Alleged Offence
Mismanagement,
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Negligence,
Omissions
Suspected Party
Directors,
Management,
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
31 March 2023
Filing date
19 April 2023
Lead Plaintiff Deadline
19 June 2023