4 Frequently Asked Questions About the Wheels Up Class Action Lawsuit

5/2/2023

Picture of fancy meal being served in first class on airplane

If you suffered losses in Wheels Up stock, call a Wheels Up stock loss lawyer

The Wheels Up class action lawsuit seeks to represent purchasers or acquirers of Wheels Up Experience Inc. (NYSE: UP) securities between November 9, 2022 and March 31, 2023, inclusive (the “Class Period”). Captioned The Lee Goodman Trust v. Wheels Up Experience Inc., No. 23-cv-02900 (E.D.N.Y.), the Wheels Up class action lawsuit charges Wheels Up and certain of its top executives with violations of the Securities Exchange Act of 1934.

If you suffered losses in Wheels Up stock and wish to serve as lead plaintiff in the class action against Wheels Up please provide your information below. You can also contact Wheels Up Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at [email protected]. Lead plaintiff motions for the Wheels Up class action lawsuit must be filed with the court no later than June 20, 2023. If you suffered losses in Wheels Up stock and have questions, please contact Wheels Up stock Loss Lawyer Timothy L. Miles today.

What Are the Allegations in the Wheels Up Class Action Lawsuit

Wheels Up provides private aviation services in the United States.

The Wheels Up class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Wheels Up failed to address any material weaknesses with internal controls; (ii) Wheels Up’s financial statements from September 30, 2022 to the present included certain errors such as understating net loss and overstating goodwill; and (iii) as a result, Wheels Up would need to restate its previously filed financial statements for certain periods.

On March 17, 2023, Wheels Up reported that it would not timely file its Form 10-K for the year ended December 31, 2022. On this news, the price of Wheels Up stock fell more than 3%.

Then, on March 31, 2023, Wheels Up reported that it would restate its financial statements from September 30, 2022 to the present, and expected to report at least one material weakness in internal controls over financial reporting. On this news, the price of Wheels Up stock fell more than 11%, further damaging investors who suffered losses in Wheels Up stock.

What is the Lead Plaintiff Process in the Class Action Against Wheels Up?

The Private Securities Litigation Reform Act of 1995 permits any investor who purchased and suffered losses in Wheels Up stock to seek appointment as lead plaintiff in the in the Wheels Up class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the securities class action lawsuit. An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. If you suffered losses in Wheels Up stock, and have further questions, contact Wheels Up stock loss Lawyer Timothy L. Miles today who will fight to recover your damages.

Can I Be Lead Plaintiff in the Wheels Up Class Action Lawsuit if I am Lead Plaintiff in Another Case?

Yes, unless you have been a lead plaintiff in more than five securities class actions during any three-year period which is expressly prohibited by the securities laws. Otherwise, if you suffered losses in Wheels Up stoc k, you may move to be appointed lead plaintiff in the Wheels Up Class Action Lawsuit.

How Can a Wheels Up Stock Loss Lawyer Help Me if I Suffered Losses in Wheels Up Stock?

A Wheels Up stock loss Lawyer is well-versed in the complex laws that govern the securities industry and litigation and focuses on representing individual investors or funds who have been the victims of fraud or who have disputes with investment professionals. Ordinary individual investors, including civil servants, teachers, nurses, and retirees, may need a securities lawyer. In most cases, if they have lost money due to mistakes, incompetence, or fraud by an investment professional. While FINRA, the SEC, and state securities regulators serve a vital role in protecting investors, they simply have too many individuals, firms, and market transactions to monitor to discovery every act of fraud or negligence. Individual investors should consult with a securities lawyer if they have lost money due to fraud or stockbroker misconduct.

Contact a Wheels Up Stock Loss Lawyer Today if You Suffered Losses in Wheels Up Stock

If you suffered losses Wheels Up stock, contact Wheels Up stock loss lawyer Timothy L. Miles today for a free case evaluation about a class action against Wheels Up.

Timothy L. Miles, Esq.

Timothy L. Miles, Esq. is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more.