LOS ANGELES--(BUSINESS WIRE)--
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the April 24, 2017 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Global Eagle Entertainment Inc. (“Global Eagle” or the “Company”) (NASDAQ: ENT) securities between July 27, 2016 and February 20, 2017, inclusive (the “Class Period”). Global Eagle investors have until April 24, 2017 to file a lead plaintiff motion.
On February 21, 2017, Global Eagle announced that Dave Davis, the Company’s CEO, and Tom Severson, the Company’s CFO, had both resigned effective immediately. The Company 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.
On this news, Global Eagle fell over 29% per share during intraday trading on February 21, 2017.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Global Eagle's remediation plans to address the material weaknesses in its internal controls over financial reporting were incomplete; and (2) consequently, Defendants' statements about the Company's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Additionally, on March 17, 2017 Global Eagle disclosed that it expects to report additional “material weakness in internal controls over financial reporting.” On this news, shares of Global Eagle fell as much as 8% during intraday trading on March 17, 2017.
If you purchased or otherwise acquired Global Eagle shares during the Class Period you may move the Court no later than April 24, 2017 to request appointment as lead plaintiff. To be a member of the class 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. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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