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SAN FRANCISCO, Feb. 24, 2017 -- Hagens Berman Sobol Shapiro LLP alerts investors in Global Eagle Entertainment Inc. (NASDAQ:ENT) to the securities class action pending in the United States District Court for the Central District of California and to the April 24, 2017 Lead Plaintiff deadline.
If you purchased or otherwise acquired securities of ENT between July 27, 2016 and February 17, 2017 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/ENT
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing [email protected].
On February 21, 2017 Global Eagle filed its Form 8-K with the SEC disclosing its CEO (Dave Davis) and CFO (Tom Severson) had resigned. The Company also disclosed it expected to untimely file its 2016 Form 10-K in part because of the CFO’s departure and due to “its need to complete additional financial-closing procedures associated with the Company’s material weaknesses in internal control over its financial reporting.”
This news drove the price of Global Eagle shares down approximately 28% to close at $4.48 per share on February 21, 2017.
“Among other things, we’re concerned about Davis’ and Severson’s abrupt resignations, the admitted material weaknesses in internal controls over financial reporting, and a potential restatement of financial statements,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Global Eagle should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact: Reed Kathrein, 510-725-3000
