Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Gol Linhas Aereas Inteligentes S.A. (GOL)

Glancy Prongay & Murray LLP
·3-min read

LOS ANGELES, Oct. 29, 2020 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”), reminds investors of the upcoming November 10, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Gol Linhas Aereas Inteligentes S.A. (“Gol” or the “Company”) (NYSE: GOL) securities between March 14, 2019 and July 22, 2020, inclusive (the “Class Period”).

If you suffered a loss on your Gol investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/gol-linhas-aereas-inteligentes-sa/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On June 16, 2020, Gol stated that it could not timely file its fiscal 2019 annual report. The Company also disclosed that its independent auditor’s report on Gol’s internal control over financial reporting would “probably include one or more material weaknesses” and that the report “will probably include an emphasis paragraph regarding the [Company’s] ability to continue as a going concern.”

On this news, the Company’s shares fell $0.27, or 3.5%, to close at $7.30 per share on June 16, 2020, thereby injuring investors.

Then, on June 29, 2020, after the market closed, Gol filed its fiscal 2019 annual report. Therein, Gol’s auditor raised significant concerns about the Company’s accounting, including that Gol 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.”

On this news, the Company’s shares fell $0.14, or 2%, to close at $6.78 per share on June 30, 2020, thereby injuring investors further.

Then, on July 23, 2020, Gol announced the termination of KPMG Auditores Independentes as its external auditor.

On this news, the Company’s share price fell $0.55, or 7%, to close at $7.25 per share on July 23, 2020, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Gol 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) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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If you purchased or acquired Gol securities during the Class Period, you may move the Court no later than November 10, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Glancy Prongay and Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
www.glancylaw.com
shareholders@glancylaw.com