An investor in NASDAQ:ENT shares filed a lawsuit against Global Eagle Entertainment Inc over alleged violations of Federal Securities Laws.
Investors who purchased shares of Global Eagle Entertainment Inc (NASDAQ:ENT) have certain options and for certain investors are short and strict deadlines running. Deadline: April 24, 2017. NASDAQ:ENT investors should contact the Shareholders Foundation at [email protected] or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Global Eagle Entertainment Inc (NASDAQ:ENT) common shares between November 9, 2016 and February 20, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 9, 2016 and February 20, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Global Eagle Entertainment’s remediation plans to address the material weaknesses in its internal controls over financial reporting were deficient, and that as a result, Defendants’ statements about the Company’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.
Global Eagle Entertainment Inc reported that its annual Total Revenue increased from $387.74 million in 2014 to $426.03 million in 2016 and that its Net Loss declined from $57.39 million in 2014 to $2.13 million in 2015.
On February 21, 2017, Global Eagle Entertainment Inc announced that Dave Davis, the Company’s CEO, and Tom Severson, the Company’s CFO, had both resigned effective immediately. Global Eagle Entertainment Inc further disclosed that it would be unable to timely file its 2016 annual report, and that it would need to withdraw its guidance for 2016 financial performance. Shares of Global Eagle Entertainment Inc (NASDAQ:ENT) declined to as low as $4.00 per share on February 22, 2107.
On March 13, 2016, NASDAQ:ENT shares closed at $4.23 per share.
Those who purchased NASDAQ:ENT shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego
The post Lawsuit filed for investors in NASDAQ:ENT shares against Global Eagle Entertainment Inc appeared first on GroundReport.
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