LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming November 10, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Gol Linhas Aereas Inteligentes S.A. (“Gol” or the “Company”) (NYSE: GOL) securities between March 14, 2019 and July 22, 2020, inclusive (the “Class Period”).
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On June 16, 2020, Gol stated that it could not timely file its fiscal 2019 annual report. The Company also disclosed that its independent auditor’s report on Gol’s internal control over financial reporting would “probably include one or more material weaknesses” and that the report “will probably include an emphasis paragraph regarding the [Company’s] ability to continue as a going concern.”
On this news, the Company’s shares fell $0.27, or 3.5%, to close at $7.30 per share on June 16, 2020, thereby injuring investors.
Then, on June 29, 2020, after the market closed, Gol filed its fiscal 2019 annual report. Therein, Gol’s auditor raised significant concerns about the Company’s accounting, including that Gol lacked “(i) effective policies and procedures related to the identification and disclosure of material uncertainties in the going concern analysis and (ii) effective review of financial statement information, and related presentation and disclosure requirements.”
On this news, the Company’s shares fell $0.14, or 2%, to close at $6.78 per share on June 30, 2020, thereby injuring investors further.
Then, on July 23, 2020, Gol announced the termination of KPMG Auditores Independentes as its external auditor.
On this news, the Company’s share price fell $0.55, or 7%, to close at $7.25 per share on July 23, 2020, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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If you purchased or otherwise acquired Gol securities during the Class Period, you may move the Court no later than November 10, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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