NEW YORK - (NewMediaWire) - September 14, 2020 - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Gol Linhas Aereas Inteligentes S.A. (“Gol Linhas” or the “Company”) (NYSE:GOL) of the November 10, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Gol Linhas stock or options between March 14, 2019 and July 22, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/GOL. There is no cost or obligation to you.
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 firstname.lastname@example.org.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Gol Linhas securities between March 14, 2019 and July 22, 2020 (the “Class Period”). The case, Hornea v. GOL Linhas Areas Inteligentes S.A., et al, No. 20-cv-04243 was filed on September 11, 2020.
As detailed below, 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: (1) Gol Linhas had material weaknesses in its internal controls; (2) there was substantial doubt as to the Company’s ability to continue to exist as a going concern because of negative net working capital and net capital deficiency; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Specifically, on June 16, 2020, Gol Linhas filed a Notification of Late Filing on Form 12b-25 with the SEC, stating that it could not timely file its annual report for fiscal year 2019.
On this news, Gol Linhas’s stock fell from a closing price of $7.57 per share on June 15, 2020 to $7.30 per share on June 16, 2020—a $0.27 or 3.57% drop.
Then, on June 29, 2020, after the market closed, Gol Linhas filed its annual report for the fiscal year ending December 31, 2019 on Form 20-F with the SEC (the “2019 20-F”). There, the Company disclosed several material weaknesses in its internal controls.
On this news, Gol Linhas’s stock fell from a closing price of $6.92 per share on June 29, 2020 to $6.78 per share on June 30, 2020—a $0.14 or 2.02% drop.
Finally, on July 23, 2020, Gol Linhas announced that it had dismissed KPMG Auditores Independentes as the Company’s registered auditing firm.
On this news, Gol Linhas’s stock fell from a closing price of $7.80 per share on July 22, 2020 to $7.25 per share on July 23, 2020—a $0.55 or 7.05% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Gol Linhas’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.