Wheels Up Experience Inc. (NYSE: UP)

Join This Class Action

NEW YORK, NY –  April 25, 2023 – Wolf Haldenstein Adler Freeman & Herz LLP  (“Wolf  Haldenstein”) announces that a federal securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of all persons or entities who purchased the securities of Wheels Up Experience Inc. (“Wheels Up” or the “Company”) (NYSE: UP) between November 9, 2022 and March 31, 2023, both dates inclusive (the “Class Period”).

All investors who purchased shares and incurred losses are  advised  to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. 

If you have incurred losses, you may, no later than June 20, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.

The filed Complaint alleges that 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.

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.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP

Patrick Donovan, Esq.

Gregory Stone, Director of Case and Financial Analysis

Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com

Tel: (800) 575-0735 or (212) 545-4774


Certification and Authorization Pursuant to Federal Securities Laws

  • The individual or entity listed below requests Wolf Haldenstein Adler Freeman & Herz LLP to file an action or motion for appointment as lead plaintiff and lead counsel under the federal securities laws to recover damages and to seek other relief against Wheels Up Experience Inc. (NYSE: UP). Wolf Haldenstein Adler Freeman & Herz LLP will not do so until you complete a retainer agreement authorizing us to prosecute the action on a contingent fee basis.

  • I, individually or on behalf of the entity I represent ("I"), hereby certify as follows:

    1. I have reviewed the complaint and authorize the filing of a lead plaintiff motion or action on my behalf.
    2. I did not acquire the security that is the subject of this action at the direction of the Firm or in order to participate in this private action or any other litigation under the federal securities laws.
    3. I am willing to serve as a representative party on behalf of a class, including providing testimony at deposition and trial, if necessary.
    4. I represent and warrant that I am fully authorized to enter into and execute this certification.
    5. I will not accept any payment for serving as a representative party on behalf of the class beyond my pro rata share of any recovery, except such reasonable costs and expenses (including lost wages) directly relating to the representation of the class as ordered or approved by the court.
    6. I have made no transaction(s) during the Class Period in the debt or equity securities that are the subject of this action except those set forth below:
  • Type of SecurityBuy Date (mm/dd/yy)# of SharesPrice per Share 
  • Type of SecuritySell Date (mm/dd/yy)# of SharesPrice per Share 
  • Reset signature Signature locked. Reset to sign again
    Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

Date of signing: 06/09/2023