Allegiant Travel Company (NASDAQ:ALGT) Investor Securities Class Action Lawsuit 04/24/2018

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Company Name(s): 
Allegiant Travel
Case Name: 
Allegiant Travel Shareholder Class Action Lawsuit 04/24/2018
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: ALGT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/24/2018
Class Period Begin: 
06/08/2015
Class Period End: 
04/13/2018
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
06/25/2018
Date Settled: 
01/14/2020
Settlement Amount: 
$4,000,000
Deadline to Participate in Settlement: 
04/23/2020
Summary: 

January 14, 2020 - The court preliminarily approved the settlement.

December 31, 2019 - Parties filed a stipulation of settlement.

An investor in shares of Allegiant Travel Company (NASDAQ:ALGT) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Allegiant Travel Company in connection with certain allegedly false and misleading statements made between June 8, 2015 through April 13, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Allegiant Travel Company (NASDAQ:ALGT) common shares between June 8, 2015 through April 13, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 8, 2015 through April 13, 2018 the defendants made false and/or misleading statements and/or failed to disclose that Allegiant Travel Company lacked adequate systems to ensure its aircraft were being properly maintained, that consequently, Allegiant Travel Company was not operating responsibly and ethically, and providing safe working conditions for its employees, and that as a result, defendants’ public statements were materially false and misleading at all relevant times.

Las Vegas, NV based Allegiant Travel Company, a leisure travel company, focuses on the provision of travel services and products to residents of under-served cities in the United States.
Shares of Allegiant Travel Company (NASDAQ:ALGT) rose from $81.19 per share in early 2014 to as high as $220.95 per share in September 2015. Allegiant Travel Company reported that its annual Total Revenue rose from over 1.36 billion in 2016 to over $1.5 billion in 2016 and that its Net Income declined from $219.59 million in 2016 to $194.9 million in 2017.

On April 15, 2018, Allegiant Travel Company was featured on 60 Minutes to address aircraft safety and maintenance issues. 60 Minutes reported that Allegiant's planes are more likely than those of its competitors to have in-flight mechanical problems and described multiple safety incidents involving the Company's aircraft.