NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Allegiant Travel Company (“Allegiant” or the “Company”) (NASDAQ: ALGT) of the June 25, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Allegiant stock or options between June 8, 2015 and April 13, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/ALGT. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Allegiant securities between June 8, 2015 and April 13, 2018 (the “Class Period”). The case, Daniel Checkman v. Allegiant Travel Company et al, No. 2:18-cv-03417 was filed on April 24, 2018 and has been assigned to Judge John F. Walter.
The lawsuit focuses on whether the Company and its executives violated federal securities laws.
Specifically, 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.
After the announcement, Allegiant’s share price fell from $165.25 per share on April 12, 2018 to a closing price of $151.05 on April 13, 2018—a $14.20 or a 8.59% drop.
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 mid2015 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.
After the announcement, Allegiant’s share price fell from $151.05 per share on April 12, 2018 to a closing price of $146.40 on April 13, 2018—a $4.65 or a 3.07% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Allegiant conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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