According to the Complaint, GOL Linhas Areas Inteligentes S.A. purports to provide air passenger transportation services in Brazil, the rest of South America, the Caribbean, and the United States.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose 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) 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.

On January 5, 2021, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 20-CV-04243.

Lead Plaintiff filed an amended Complaint on March 8, 2021. Defendants filed a Motion to Dismiss the amended Complaint on May 7. On April 12, 2022, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

On April 21, 2022, the parties stipulated that Final Judgment shall be entered with prejudice against Plaintiffs in this action and in favor of Defendants pursuant to Federal Rules of Civil Procedure 58 and 79. The Court ordered the case dismissed on April 22.