Wheels Up

Wheels Up, founded 10 years ago, has seen its stock price drop as losses mount.

Wheels Up CEO Kenny Dichter is relinquishing his position with the private flight company he founded 10 years ago.

A securities class-action lawsuit has been filed against Wheels Up Experience on behalf of those who bought stock in the company.

As a result, the company would avoid the potential of a delisting on the New York Stock Exchange (NYSE).

The private flight provider recorded Q4 revenue of $408.3 million, up 18% from $345.0 million for the same period a year ago.

Fast-growing Wheels Up, a private aviation provider, is restructuring and eliminating jobs to shave $30 million a year in costs.