According to the law firm press release, Global Eagle provides content, connectivity, and digital media solutions for travel industry worldwide. The Company operates through two segments, Connectivity and Content.
On July 27, 2016, Global Eagle announced that it had completed its previously announced acquisition of Emergency Markets Communications (“EMC”), a communications services provider to maritime and hard-to-reach land markets.
The Complaint 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 made false and/or misleading statements and/or failed to disclose that: (i) Global Eagle was unable to timely and properly account for the EMC acquisition; (ii) consequently, the Company lacked effective internal controls over financial reporting; and (iii) as a result, Global Eagle’s financial statements were materially false and misleading at all relevant times.