Gol Linhas Aereas Inteligentes S.A.
Lead Plaintiff Deadline: 11/10/2020
SUMMARY OF CASE:
A securities class action has been filed against Gol Linhas Aereas Inteligentes S.A. (GOL) on behalf of persons or entities who purchased or otherwise acquired publicly traded GOL securities between March 14, 2019 through July 22, 2020. This case has been filed in the USDC – E.D.N.Y.
The Complaint alleges that in the fiscal 2019 annual report, Gol’s auditor, KPMG 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.” Then, on July 23, 2020, Gol announced the termination of KPMG as its external auditor.
On this news, Gol’s American depositary receipt (“ADR”) price fell 7% to close at $7.25 per ADR on July 23, 2020, damaging investors.