LOS ANGELES, CA / ACCESSWIRE / April 14, 2017 / Lundin Law PC , a shareholder rights firm, announces the filing of a class action lawsuit against Global Eagle Entertainment Inc. ("Global Eagle" or the "Company") (ENT) concerning possible violations of federal securities laws between July 27, 2016 and February 20, 2017 inclusive (the "Class Period"). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the April 24, 2017 lead plaintiff motion deadline.
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also do nothing and be an absent class member.
According to the Complaint, during the Class Period, the Global Eagle made false and/or misleading statements and/or failed to disclose that: the Company was unable to timely and properly account for its acquisition of Emergency Markets Communications; that the Company lacked effective internal controls over financial reporting; and that as a result of the above, Global Eagle's financial statements were materially false and misleading at all relevant times. On February 21, 2017, pre-market, Global Eagle announced that its CEO David M. Davis and its CFO Thomas E. Severson Jr. 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 EMC, 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." When this information reached the investing public, the stock price of Global Eagle declined, thus harming investors.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding the rights of shareholders.
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SOURCE: Lundin Law PC