Wheels Up Experience Inc.
A securities class action has been filed in the USDC – E.D.N.Y. against Wheels Up Experience Inc. (UP) (“Wheels Up” or “the Company”) on behalf of persons or entities who purchased or otherwise acquired publicly traded Wheels Up securities between November 9, 2022 through March 31, 2023.
The Complaints allege that the Defendants made materially false and/or misleading statements because they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operations and prospects, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants made 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.
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