RADNOR, Pa.--(BUSINESS WIRE)--Kaskela Law LLC notifies Allegiant Travel Company (NASDAQ: ALGT) (“Allegiant” or the “Company”) shareholders that a class action lawsuit has been filed on behalf of purchasers of the Company’s securities between June 8, 2015 and April 13, 2018, inclusive (the “Class Period”).
On April 13, 2018, CBS News announced it would air a 60 Minutes segment criticizing the Company’s safety and maintenance record. Following this news, shares of the Company’s stock fell $14.20 per share, or 8.6%, to close on April 13, 2018 at $151.05.
Then, on April 15, 2018, CBS News aired the 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 additional news, shares of the Company’s stock fell an additional $4.65 per share, to close on April 16, 2018 at $146.40.
The shareholder class action complaint alleges that Allegiant and certain of its senior executive officers made false and misleading statements and/or failed to disclose to investors that: (i) Allegiant lacked adequate systems to ensure its aircraft were being properly maintained; and (ii) Allegiant was not operating responsibly and ethically and providing safe working conditions for its employees. The complaint further alleges that, as a result of the foregoing, investors purchased Allegiant’s common stock at artificially inflated prices during the Class Period and sustained significant investment losses when the truth was revealed.
FINAL DEADLINE ALERT: Investors who purchased Allegiant securities during the Class Period may, no later than June 25, 2018, seek to be appointed as a lead plaintiff representative of the investor class. Allegiant investors are encouraged to contact Kaskela Law LLC (David Seamus Kaskela, Esq.) at (484) 258–1585 or (888) 715–1740 to discuss their important legal rights and options. Investors may also visit www.kaskelalaw.com/case/allegiant for additional information about this action or to submit their information online. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.