SHAREHOLDER ALERT: Southwest Airlines Co. (LUV) Officers and Directors Under Investigation for Alleged Breaches of Fiduciary Duty and False Statements.
SAN FRANCISCO, Jan. 17, 2023 /PRNewswire/ -- Schubert Jonckheer & Kolbe LLP is investigating potential derivative claims on behalf of shareholders of Southwest Airlines Co. (NASDAQ: LUV) concerning false statements about the company's operational risks.
Southwest was at the center of a holiday disaster when the airline cancelled more than 16,700 flights in late-December of 2022. Reports have emerged that the airline's breakdown may have been preventable. Sources knowledgeable about the company's operations allege that the airline failed to upgrade and maintain its antiquated flight operations systems and was thus unable to quickly adapt to flight cancellations due to weather conditions. The company failed to disclose these risks to shareholders and investors.
Southwest recently divulged that its breakdown produced losses in the range of $725 M to $825 M and attributed close to half of its losses to customer reimbursements. The U.S. Department of Transportation also announced its own investigation into "whether [Southwest's] cancellations were controllable and if Southwest is complying with its customer service plan."
The Schubert Firm is investigating potential breaches of fiduciary duty by Southwest's officers and directors in connection with these allegations.
If you own stock in Southwest and wish to obtain additional information about your legal rights, please contact us today or visit our website at https://www.classactionlawyers.com/southwest.
About Schubert Jonckheer & Kolbe LLP
Schubert Jonckheer & Kolbe represents shareholders, employees, and consumers in class actions against corporate defendants, as well as shareholders in derivative actions against their officers and directors. The firm is based in San Francisco, and with the help of co-counsel, litigates cases nationwide.
Contact
Samhita Collur
scollur@sjk.law
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SOURCE Schubert Jonckheer & Kolbe LLP
