NEW YORK, April 12, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Mesa Air Group, Inc. ("Mesa" or the "Company") (NASDAQ: MESA). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Mesa and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around August 9, 2018, Mesa conducted its initial public offering ("IPO"), selling approximately 9.63 million shares of common stock priced at $12.00. On May 10, 2019, the Company's Chief Executive Officer ("CEO") Jonathan Ornstein disclosed that beginning well in advance of the IPO, Mesa had been "hamstrung by the fact that we had expanded a lot . . . maintenance became more difficult in terms of qualified maintenance people." Then, on August 9, 2019, CEO Ornstein disclosed that Mesa had found it "very difficult to meet the performance criteria" under its contract with American Airlines Inc. and had ultimately failed to do so. Since the IPO, Mesa's stock price has traded as low as $2.32 per share, representing a decline of more than 80% from the Company's offering price.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP