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UP.US
id: 669

Wheels Up Experience Inc. (UP) Negligance Case

E.D. New York
Court
23-cv-02900
Case number
09 Nov 2022
Class period Start
31 Mar 2023
Class period End
19 Jun 2023
Lead Plaintiff motion deadline
  • 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
Collecting participants…

Wheels Up Experience Inc

Wheels Up Experience Inc. provides private aviation services in the United States. The company offers membership programs, charter, aircraft management, whole aircraft sales, and commercial travel ...

    Ticker
    UP.US
    ISIN
    US96328L1061
    CIK
    1819516
    Sector
    Industrials
    Industry
    Airports & Air Services
    Country
    USA
    Address
    601 West 26th Street, New York, NY, United States, 10001