Ryanair Holdings plc (NASDAQ: RYAAY) Investor Securities Class Action Lawsuit 11/06/2018

If you purchased a significant amount of shares of Ryanair Holdings plc (NASDAQ: RYAAY) between May 2017, and / or if you purchased any NASDAQ: RYAAY shares prior to May 30, 2017 and September 28, 2018 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: January 7, 2019. NASDAQ: RYAAY investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Ryanair Holdings
Case Name: 
Ryanair Holdings Shareholder Class Action Lawsuit 11/06/2018
Case Status: 
Lawsuit Filed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 

An investor in shares of Ryanair Holdings plc (NASDAQ: RYAAY) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Ryanair Holdings plc in connection with certain allegedly false and misleading statements made between May 30, 2017 and September 28, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Ryanair Holdings plc (NASDAQ: RYAAY) common shares between May 30, 2017 and September 28, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between May 30, 2017 and September 28, 2018, the defendants misrepresented and/or failed to disclose, among other things, that Ryanair’s labor relations had deteriorated in 2017 and 2018. As a result, the Company was experiencing increased employee turnover and was threatened with massive strikes and other disruptions across its operations, and its historical operating model and profit growth were not sustainable.

Ireland based Ryanair Holdings plc, together with its subsidiaries, provides scheduled-passenger airline services in Ireland, the United Kingdom, and Other European countries.

On September 14, 2017, it was reported that Ryanair Holdings plc had lost a key ruling in the European Court of Justice that cast doubt on the legality of the Company’s use of Irish employment contracts to evade local labor laws throughout Europe. The next day, Ryanair Holdings plc announced that it would need to cancel up to 50 flights a day for the next six weeks due to pilot “schedul[ing]” issues. Reports began to circulate that the disruption was not due to scheduling issues, as the Company had claimed, but rather to widespread defections by disgruntled employees. Then, according to the complaint, in December 2017, Ryanair Holdings plc reversed its earlier position and conceded its need to recognize unions, but continued to downplay the extent of the labor unrest and conceal the expected impact to the Company’s operations and financial results. However, in the summer of 2018, discontent among Ryanair’s workers continued to spill out into the open, belying defendants’ public claims regarding improved labor relations and forcing workers into threatening collective action. The resulting flight cancellations damaged the Company’s brand and forced it to pay millions in compensation costs or to re-route fliers.
On July 23, 2018, Ryanair disclosed a 20% decrease in quarterly profits, due in part to a 34% increase in staff costs.

On July 30, 2018, Ryanair Holdings plc reported its annual financial report. Ryanair Holdings plc reported that its Total Revenue rose from over $6.64 billion for the 12 months that ended on March 31, 2017 to over $7.15 billion for the 12 months that ended on March 31, 2018 and that its Net Income increased over those time periods from over $1.31 billion to over $1.45 billion.

Then, on October 1, 2018, Ryanair Holdings plc revealed that it could not meet its annual profit guidance due to the lost fares and ballooning costs related to the strikes and flight cancellations.

Shares of Ryanair Holdings plc (NASDAQ: RYAAY) declined from $127.61 per share on March 19, 2018 declined to as low as $78.48 per share in October 2018.