The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Wheels Up Experience Inc. (UP)

The Law Offices of Frank R. Cruz reminds investors of the upcoming June 20, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Wheels Up Experience Inc. (“Wheels Up” or the “Company”) (NYSE: UP) securities between November 9, 2022 and March 31, 2023, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On March 31, 2023, after the market closed, Wheels Up disclosed that it was restating prior financial statements “due to the identification of errors related to a non-cash goodwill impairment charge” of $62 million that “should have been recognized during the three months ended September 30, 2022.” The Company also stated that management had determined that a material weakness existed in its internal control over financial reporting and that it has “reconsidered its assessment and now concludes that [it] did not maintain effective disclosure controls and procedures.”

On this news, Wheels Up’s stock price fell $0.072, or 11.4%, to close at $0.561 per share on April 3, 2023, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Wheels Up securities during the Class Period, you may move the Court no later than June 20, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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