Cases
Global Eagle Entertainment Inc. (NASDAQ: ENT)
Securities Class Action
Overview
Overview
- Date:
- 2/28/2017
- Company Name:
- Global Eagle Entertainment Inc.
- Stock Symbol:
- ENT
- Class Period:
- FROM 7/27/2016 TO 2/20/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Central California
NEW YORK, February 28, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities who acquired Global Eagle Entertainment Inc. (NASDAQ: ENT) securities between July 27, 2016 and February 20, 2017 (the “Class Period”).
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that Global Eagle’s remediation plans to address the material weaknesses in its internal controls over financial reporting were deficient. As a result, Defendants’ statements about Global Eagle’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis throughout the Class Period.
On February 21, 2017, Global Eagle announced that CEO Dave Davis and CFO Tom Severson both resigned effective February 20, 2017. The Company further disclosed that it expects a late filing of its 2016 annual report and a lowered 2016 financial guidance.
Following this news, Global Eagle shares declined $1.74 per share, or over 27.9%, on February 21, 2017, to close at $4.48.
If you purchased or otherwise acquired Global Eagle securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that Global Eagle’s remediation plans to address the material weaknesses in its internal controls over financial reporting were deficient. As a result, Defendants’ statements about Global Eagle’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis throughout the Class Period.
On February 21, 2017, Global Eagle announced that CEO Dave Davis and CFO Tom Severson both resigned effective February 20, 2017. The Company further disclosed that it expects a late filing of its 2016 annual report and a lowered 2016 financial guidance.
Following this news, Global Eagle shares declined $1.74 per share, or over 27.9%, on February 21, 2017, to close at $4.48.
If you purchased or otherwise acquired Global Eagle securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.