NEW YORK, May 02, 2020 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Mesa Air Group, Inc. ("Mesa" or the "Company")(NASDAQ: MESA ) of the June 1, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Mesa stock or options pursuant and/or traceable to the Company's August 10, 2018 initial public offering ("IPO") and would like to discuss your legal rights, click here: www.faruqilaw.com/MESA . There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the District of Arizona on behalf of all those who purchased Mesa common stock pursuant and/or traceable to the Company's August 10, 2018 IPO. The case, Lowthorp v. Mesa Air Group Incorporated et al. , No. 20-cv-00648 was filed on April 1, 2020, and has been assigned to Judge Douglas L. Rayes.
The lawsuit focuses on whether the Company and its executives violated federal securities laws. Specifically, the complaint alleges that the Registration Statement featured false and/or misleading statements and/or failed to disclose that: (1) Mesa Air Group’s operational performance was poor and below industry standards; (2) Mesa Air Group had a shortage of qualified mechanics and maintenance personnel; (3) Mesa Air Group had an inadequate number of spare aircraft and parts; (4) Mesa Air Group did not have a strong track record of reliable performance; (5) then-existing "risks" had already materialized; (6) Mesa Air Group knew of undisclosed adverse trends and uncertainties at the time of the IPO; and (7) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
Since Mesa's IPO, the Company's share price has declined from its IPO price of $12.00 by approximately 75%.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Mesa's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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