Global Eagle Entertainment Inc. investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Global Eagle provides content, connectivity, and digital media solutions for travel industry worldwide. On July 27, 2016, Global Eagle announced that it had completed its previously announced acquisition of Emergency Markets Communications, a communications services provider to maritime and hard-to-reach land markets.
The complaint alleges that, on February 21, 2017, pre-market, Global Eagle announced that the its Chief Executive Officer David M. Davis and Chief Financial Officer (“CFO”) Thomas E. Severson Jr. had resigned from their positions with the company. Global Eagle also announced that it expected to file its Annual Report for fiscal year 2016 after the March 16, 2017 U.S. Securities and Exchange Commission deadline, citing the company’s “increased size and complexity” after its acquisition of Emerging Markets Communications, as well as “its need to transition the finance department after the prior CFO’s departure and its need to complete additional financial-closing procedures associated with the Company’s material weaknesses in internal control over its financial reporting.”
Following this news, Global Eagle’s share price fell $1.74, or 27.97%, to close at $4.48 on February 21, 2017.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Global Eagle was unable to timely and properly account for the Emerging Markets Communications acquisition; (ii) consequently, the company lacked effective internal controls over financial reporting; and (iii) as a result, Global Eagle’s financial statements were materially false and misleading at all relevant times.
If you are a member of the class described above, you may no later than April 24, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will will adequatley represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member. Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
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