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If you purchased shares of Gol Linhas Aéreas Inteligentes S.A. (NYSE: GOL), you have certain options. Please contact the Shareholders Foundation, Inc.
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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
September 11, 2020 - An investor in shares of Gol Linhas Aéreas Inteligentes S.A. (NYSE: GOL) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Gol Linhas Aéreas Inteligentes S.A. in connection with certain allegedly false and misleading statements made between March 14, 2019 and July 22, 2020.
Brazil based GOL Linhas Aéreas Inteligentes S.A. provides air passenger transportation services in Brazil, rest of South America, the Caribbean, and the United States.
In the fiscal 2019 annual report, Gol Linhas Aéreas Inteligentes S.A.’s auditor, KPMG raised significant concerns about the Company’s accounting, including that Gol Linhas Aéreas Inteligentes S.A. lacked (i) effective policies and procedures related to the identification and disclosure of material uncertainties in the going concern analysis and (ii) effective review of financial statement information, and related presentation and disclosure requirements.
Then, on July 23, 2020, Gol Linhas Aéreas Inteligentes S.A. announced the termination of KPMG as its external auditor.
Shares of Gol Linhas Aéreas Inteligentes S.A. (NYSE: GOL) closed on August 20, 2020, at $6.35 per share.
According to the complaint the plaintiff alleges on behalf of purchasers of Gol Linhas Aéreas Inteligentes S.A. (NYSE: GOL) common shares between March 14, 2019 and July 22, 2020, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 14, 2019 and July 22, 202, the defendants made false and/or misleading statements and/or failed to disclose that Gol Linhas Aéreas Inteligentes S.A. had material weaknesses in its internal controls, that 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 that 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 time.. When the true details entered the market, the lawsuit claims that investors suffered damages.