Glancy Prongay & Murray LLP announces that a class action lawsuit has been filed on behalf of investors who purchased Global Eagle Entertainment Inc. securities between November 9, 2016 and February 20, 2017, inclusive. Global Eagle investors have until April 24, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Global Eagle investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to firstname.lastname@example.org.
On February 21, 2017, Global Eagle announced that Dave Davis, the Company’s CEO, and Tom Severson, the Company’s CFO, had both resigned effective immediately. The Company further disclosed that it would be unable to timely file its 2016 annual report, and that it would need to withdraw its guidance for 2016 financial performance.
On this news, Global Eagle fell over 29% per share during intraday trading on February 21, 2017.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Global Eagle's remediation plans to address the material weaknesses in its internal controls over financial reporting were incomplete; and (2) consequently, Defendants' statements about the Company's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Full Article: Yahoo! Finance
Source : Yahoo! Finance