NEW YORK, March 02, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class has been filed in United States District Court for the Central District of California on behalf of all persons or entities that purchased Global Eagle Entertainment Inc. ("Global Eagle" or the "Company") (NASDAQ: ENT ) securities between July 27, 2016 and February 17, 2017, inclusive (the "Class Period").
Investors who have incurred losses in shares of Global Eagle Entertainment Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com .
If you have purchased shares of Global Eagle Entertainment Inc. within the class period and would like to assist with the litigation process, you may, no later than April 24, 2017 , request that the Court appoint you lead plaintiff of the proposed class.
The filed Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose: (1) Global Eagle was unable to timely and properly account for the EMC acquisition; (2) consequently, the Company lacked effective internal controls over financial reporting; and (3) as a result, Global Eagle's financial statements were materially false and misleading at all relevant times.
On February 21, 2017, pre-market, Global Eagle announced that the Company's Chief Executive Officer David M. Davis and Chief Financial Officer ("CFO") Thomas E. Severson Jr. had resigned from their positions with the Company. Concurrently, Global Eagle 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."
On this news, Global Eagle's share price fell $1.74, or 27.97%, to close at $4.48 on February 21, 2017.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com.
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Contact: Wolf Haldenstein Adler Freeman & Herz LLP Patrick Donovan, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
