STEVENSON, Md., April 20, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (Volaris Aviation Holding Company) (“Volaris” or the “Company”) (NYSE:VLRS) Ordinary Participation Certificates (“CPOs”) in the form of American Depositary Shares (ADSs) in and/or traceable to the Company’s initial public offering on or about September 18, 2013 (the “IPO”). Investors who wish to become proactively involved in the litigation have until April 27, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Volaris ADSs purchased in and/or traceable to the Company’s initial public offering on or about September 18, 2013 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the defendants’ failure to disclose in the Registration Statement and Prospectus issued in connection with the IPO the Registration Statement contained financial statements that were presented in violation of applicable accounting standards and the Company’s publicly disclosed accounting policies as well as certain material events known to defendants that caused the financial information reported in the Registration Statement not to be indicative of Volaris’s future operating results, including the financial effects from a change in the Company’s airline reservation system and the expansion of competition in the Tijuana and Guadalajara, Mexico markets which had a material adverse effect on the Company’s revenues and profit margins. According to the complaint, following the Company’s disclosure of this adverse information in February 2014, the value of Volaris shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT:
Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com