NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all persons or entities who purchased or otherwise acquired Global Eagle Entertainment Inc. (NASDAQ:ENT) securities between July 27, 2016 and February 20, 2017 (the “Class Period”). Investors have until April 24, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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 had 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 J. Brandon Walker, Esq. by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Global Eagle lawsuit, please go to www.bespc.com/global-eagle. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.