|Company name||Gol Linhas Aereas Inteligentes S.A.|
|Status||Class Action Complaint Filed|
NEW YORK, September 30, 2020 – Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors that purchased Gol Linhas Aereas Inteligentes S.A. (NYSE: GOL) securities between March 14, 2019 and July 22, 2020 (the “Class Period”). Investors have until November 10, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
In mid-June 2020, Gol’s auditor, KPMG, raised significant concerns about Gol during the accounting firm’s first annual audit of the Company after being hired in 2019, stating that it had an “adverse opinion” on the strength of Gol’s internal controls regarding the preparation of financial statements, adding that there was “substantial doubt” about the airline’s ability to exist a year from now.” KPMG’s adverse opinion prompted Gol to carry out a review of its financial reporting procedures.
On July 23, 2020, GOL announced that it had dismissed KPMG as the Company’s registered auditing firm.
On this news, shares of GOL fell $.055 per share, or 7%, to close at $7.25 per share on July 23, 2020
The complaint, filed on September 11, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) GOL had material weaknesses in its internal controls; (2) there was substantial doubt as to the Company’s ability to continue to exist as a going concern because of negative net working capital and net capital deficiency; and (3) 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased Gol securities during the Class Period and suffered a loss, have information, 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 Fortunato,Marion Passmore, or Brandon Walker or by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.