RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Allegiant Travel Company (NASDAQ: ALGT) (“Allegiant” or the “Company”) publicly traded securities between June 8, 2015 and April 13, 2018, inclusive (the “Class Period”).
Allegiant shareholders may, no later than June 25, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Allegiant and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
Allegiant focuses on the provision of travel services and products to residents of under-served cities in the United States. The company offers scheduled air transportation on limited frequency nonstop flights between under-served cities and leisure destinations.
The Class Period commences on June 8, 2015, when The Enquirer reported that the company issued a statement in connection with an Allegiant plane that was forced to make an emergency landing in Florida after smoke was detected in the cabin shortly after takeoff. The company stated afterward that the safety of its passengers and crew were its “number one priority.”
According to the complaint, on April 13, 2018, CBS News announced it would air a 60 Minutes segment on Sunday, April 15, 2018, criticizing the company’s safety and maintenance record. Following this news, shares of Allegiant fell $14.20 per share or over 8.59% to close at $151.05 per share on April 13, 2018.
Then, on April 15, 2018, CBS News aired a 60 Minutes report revealing that: (i) Allegiant aircraft had a high number of serious mechanical incidents from mid-2015 through October 2017; (ii) Allegiant lacks the infrastructure and personnel to adequately maintain their aircraft; and (iii) Allegiant has discouraged pilots from reporting safety and maintenance issues. Following this news, shares of Allegiant fell $4.65 per share or over 3% to close at $146.40 per share on April 16, 2018.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that (1) Allegiant lacked adequate systems to ensure its aircraft were being properly maintained; (2) consequently, Allegiant was not operating responsibly and ethically, and providing safe working conditions for its employees; and (3) as a result, the defendants’ public statements were materially false and misleading at all relevant times.
If you are a member of the class, you may, no later than June 25, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.