NEW YORK, April 25, 2018 /PRNewswire/ -- Bernstein Liebhard LLP announces that a class action lawsuit has been filed on behalf of purchasers of the securities of Allegiant Travel Company ("Allegiant" or the "Company") (NASDAQ: ALGT) between June 8, 2015 and April 13, 2018, both dates inclusive (the "Class Period"). The lawsuit seeks to recover damages for Allegiant investors under the federal securities laws.
To join the Allegiant class action, and/or if you have information relating to this matter, please visit our ALLEGIANT SHAREHOLDER PAGE or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected].
According to the lawsuit, throughout the Class Period, 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, defendants' public statements were materially false and misleading at all relevant times.
On April 13, 2018, CBS News aired a preview of a 60 Minutes segment revealing that Allegiant's own pilots had serious concerns about the safety of Allegiant's airplanes. On this news, Allegiant's stock fell $14.20 per share or over 8% to close at $151.05 per share on April 13, 2018.
Then, on April 15, 2018, 60 Minutes aired the full segment on Allegiant, which, in addition to expanding on the litany of safety issues plaguing the Company, further revealed that "Allegiant's maintenance department tries to talk pilots out of reporting problems with their aircraft to avoid delays and keep the planes moving." According to Allegiant's pilots union President, Captain Daniel Wells, this is illegal because "captains are required to report any mechanical deficiencies of an aircraft." On this news, Allegiant's stock fell $4.65 per share or over 3% to close at $146.40 per share on April 16, 2018.
If you wish to serve as lead plaintiff, you must move the Court no later than June 25, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
Please follow us for updates on LinkedIn: https://www.linkedin.com/company/bernstein-liebhard-llp/ and Twitter: https://twitter.com/bernlieb.
ATTORNEY ADVERTISING. © 2018 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
SOURCE Bernstein Liebhard LLP