According to the lawsuit, throughout the Class Period, 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.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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