NEW YORK--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/volaris/) today announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the Southern District of New York on behalf of purchasers of Volaris Aviation Holding Company (“Volaris” or the “Company”) (NYSE:VLRS) Ordinary Participation Certificates in the form of American Depositary Shares (“ADSs”) in and/or traceable to the Company’s initial public offering (“IPO”) on or about September 18, 2013.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at email@example.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/volaris/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Volaris and certain of its officers and directors and the underwriters of its IPO with violations of the Securities Act of 1933. Volaris provides air transportation services for passengers, cargo, and mail in Mexico and internationally.
The complaint alleges that on June 6, 2013, Volaris filed a Registration Statement on Form F-1 with the SEC, which would later be utilized for the IPO following several amendments in response to comments by the SEC. On September 17, 2013, the SEC declared the Company’s Registration Statement effective and the Company sold 226,469,000 ADSs for $12.00 each.
The complaint alleges that the Registration Statement negligently contained financial statements that were presented in violation of applicable accounting standards and the Company’s publicly disclosed accounting policies. In addition, the Registration Statement failed to disclose certain material events known to defendants that caused the financial information reported in the Registration Statement not to be indicative of Volaris’s future operating results. These material events included: (i) the financial effects ensuing from a change in the Company’s airline reservation system; and (ii) an expansion of competition in the Tijuana and Guadalajara, Mexico markets, which was having a material adverse effect on the Company’s revenues and profit margins at the time of the IPO.
Plaintiff seeks to recover damages on behalf of all purchasers of Volaris ADSs in and/or traceable to the Company’s IPO on or about September 18, 2013 (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller, with 200 lawyers in ten offices, represents U.S. and international institutional investors in contingency-based securities and corporate litigation. The firm has obtained many of the largest securities class action recoveries in history, including the largest securities class action judgment. Please visit http://www.rgrdlaw.com for more information.