NEW YORK--(BUSINESS WIRE)--Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Southwest Airlines Co. (“Southwest” or the Company”) (NYSE: LUV) and certain of its officers, on behalf of shareholders who purchased Southwest securities between December 13, 2018 through January 15, 2020, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/luv.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Southwest's operations were non-compliant with government maintenance and safety regulations; (2) the foregoing issues were exacerbated by Southwest's undue influence over FAA officials and, consequently, lax regulatory oversight of the Company's operations; (3) all of the foregoing significantly increased the safety risks to passengers traveling on Southwest flights and heightened governmental scrutiny into the Company; and (4) as a result, the Company's public statements were materially false and misleading at all relevant times.
On January 30, 2020, the Wall Street Journal published an article entitled “Southwest Flew Millions on Jets With Unconfirmed Maintenance Records, Government Report Says.” Citing “a government report to be released in coming days,” the article reported, among other things, that “Southwest pilots flew more than 17 million passengers on planes with unconfirmed maintenance records over roughly two years, and in 2019 smashed both wingtips of a jet on a runway while repeatedly trying to land amid gale-force winds” and that “FAA managers in the Dallas-area office that supervises Southwest routinely allowed the carrier ‘to fly aircraft with unresolved safety concerns.” On this news, Southwest’s stock price fell $1.06 per share, or 1.86%, to close at $55.83 per share on January 30, 2020.
If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/luv or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Southwest you have until April 20, 2020 to request that the Court appoint you as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.