NEW YORK, April 23, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan reminds investors that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the American Depository Shares ("ADSs") of Volaris Aviation Holding Company ("Volaris" or the "Company") (NYSE:VLRS) pursuant and/or traceable to its initial public offering ("IPO") on or about September 18, 2013 (collectively, the "Class Period"), alleging violations of the Securities Act of 1933 against the Company and certain of its officers (the "Complaint").
If you purchased Volaris during the Class Period, you may, no later than April 27, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the Volaris Shareholder Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts about the Company's business, operations and prospects. Specifically, the Complaint alleges that the Registration Statement issued in connection with the IPO contained financial statements that were presented in violation of applicable accounting standards and the Company's publicly disclosed accounting policies. As a result of defendants' materially false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, the Company's Registration Statement failed to disclose certain material events known to defendants that rendered the Registration Statement materially false and misleading. According to the suit, the misstatements and omissions include: (1) the financial effects ensuing from a change in the Company's airline reservation system; and (2) an expansion of competition in the Tijuana and Guadalajara, Mexico, markets, which was having a material adverse effect on the Company's revenues and profit margins at the time of the IPO.
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