Faruqi and Faruqui, LLP Logo
Share this page

Global Eagle Entertainment Inc. (ENT)

NASDAQ:ENT

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Global Eagle Entertainment Inc. To Contact The Firm Before Lead Plaintiff Deadline

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Global Eagle Entertainment Inc. (“Global Eagle” or the “Company”) (NASDAQ:ENT) of the April 24, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.

The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Global Eagle common shares between July 27, 2016 and February 17, 2017 (the “Class Period”).  The case, M and M Hart Living Trust v. Global Eagle Entertainment Inc. et al, No. 2:17-cv-01479 was filed on February 23, 2017, and has been assigned to Judge Percy Anderson.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) Global Eagle was unable to timely and properly account for the Emergency Markets Communications (“EMC”) acquisition; (ii) consequently, the Company lacked effective internal controls over financial reporting; and (iii) as a result, Global Eagle’s financial statements were materially false and misleading.

Specifically, pre-market on February 21, 2017, Global Eagle announced its Chief Executive Officer, David M. Davis (“CEO”), and Chief Financial Officer, Thomas E. Severson Jr. (“CFO”), had resigned from their positions with the Company.  Additionally, Global Eagle announced it would not be able to file its Annual Report for fiscal year 2016 on time, 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 from $6.22 per share on February 17, 2017 to a closing price of $4.48 on February 21, 2017 —a $1.74 or a 27.97% drop.

Take Action

If you invested in Global Eagle stock between July 27, 2016 and February 17, 2017 and would like to discuss your legal rights, please fill out the form below. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.  Faruqi & Faruqi, LLP also encourages anyone with information regarding Global Eagle’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Request Information

Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.

  • Case:
    Global Eagle Entertainment Inc. (ENT)
  •    

* The submission of this form does not create an attorney-client relationship.

Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 03/16/2017

Send Information

If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.