RADNOR, Pa., June 20, 2018 (GLOBE NEWSWIRE) — Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Allegiant Travel Company (NASDAQ:ALGT) (“Allegiant” or the “Company”) on behalf of purchasers of the Company’s securities between June 8, 2015 and April 13, 2018, inclusive (the “Class Period”).
FINAL DEADLINE NOTICE: Investors who purchased Allegiant securities during the Class Period may, no later than June 25, 2018, seek to be appointed as a lead plaintiff 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 prior to June 25, 2018. Investors may also visit www.kaskelalaw.com/case/allegiant for additional information about this action or to submit their information online.
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. 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 that report, shares of the Company’s stock fell an additional $4.65 per share, or over 3%, to close on April 16, 2018 at $146.40.
The shareholder class action lawsuit alleges that Allegiant and certain executive officers made false and misleading statements to investors during the Class Period and/or failed to disclose the following: (i) that Allegiant lacked adequate systems to ensure its aircraft were being properly maintained; and (ii) that 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 following the 60 Minutes report revealing the Company’s safety issues.
Allegiant investors who purchased their securities during or prior to the Class Period are encouraged to contact Kaskela Law LLC to discuss their important legal rights and options with respect to this action. Kaskela Law LLC exclusively prosecutes shareholder actions in state and federal courts throughout the country on behalf of investors. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.