-
You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of January 18, 2019 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
-
To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
March 4, 2019 - The court approved the settlement.
October 4, 2018 - A stipulation of settlement was filed by the parties.
January 29, 2018 - A notice of appeal was filed.
October 30, 2017 - The court granted defendants' motion to dismiss with prejudice.
September 25, 2017 - A motion to dismiss the amended complaint was filed.
September 11, 2017 - An amended complaint was filed.
February 23, 2017 - An investor in shares of Global Eagle Entertainment Inc (NASDAQ: ENT) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Global Eagle Entertainment Inc in connection with certain allegedly false and misleading statements made between November 9, 2016 and February 20, 2017.
According to the complaint the plaintiff alleges on behalf of purchasers of Global Eagle Entertainment Inc (NASDAQ: ENT) common shares between November 9, 2016 and February 20, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 9, 2016 and February 20, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Global Eagle Entertainment Inc’s remediation plans to address the material weaknesses in its internal controls over financial reporting were deficient, and that as a result, Defendants’ statements about the Company’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times. Global Eagle Entertainment Inc reported that its annual Total Revenue increased from $387.74 million in 2014 to $426.03 million in 2016 and that its Net Loss declined from $57.39 million in 2014 to $2.13 million in 2015.
On February 21, 2017, Global Eagle Entertainment Inc announced that Dave Davis, the Company’s CEO, and Tom Severson, the Company’s CFO, had both resigned effective immediately. Global Eagle Entertainment Inc 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.
Shares of Global Eagle Entertainment Inc (NASDAQ: ENT) declined to as low as $4.00 per share on February 22, 2107.
On February 24, 2016, NASDAQ: ENT shares closed at $4.32 per share.