The investigation follows a period of financial instability for the aviation company. While Wheels Up reported some improvements in profitability metrics during its February 2026 earnings call, the broader picture remained grim. Revenue for the full year 2025 dropped to $736.5 million from $792.1 million in 2024. Simultaneously, net cash used in operating activities more than doubled, ballooning to $166.3 million compared to $77.9 million the previous year.

Market confidence further eroded in April 2026 when the company initiated a 1-for-20 reverse stock split. Management described the move as a necessary step to regain compliance with NYSE listing standards and meet criteria for the Russell 3000 index. Despite these efforts, the company's share price continued to trend downward, sparking concerns among shareholders. Johnson Fistel is now reaching out to those who incurred losses, examining whether the company’s disclosures adequately protected investor interests under federal law.