LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming June 1, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Mesa Air Group, Inc. ("Mesa" or the Company") (NASDAQ: MESA) investors who purchased securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s August 2018 initial public offering (the “IPO” or “Offering”).
If you suffered a loss on your Mesa investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email shareholders@glancylaw.com or visit our website at www.glancylaw.com to learn more about your rights.
On August 9, 2018, Mesa conducted its initial public offering (“IPO”) in which it sold approximately 11 million shares of common stock for $12.00 per share.
On May 10, 2019, Mesa’s Chief Executive Officer ("CEO") revealed that over the last 18 months, well before the IPO, Mesa had been “hamstrung by the fact that we had expanded a lot... maintenance became more difficult in terms of qualified maintenance people.”
Then on August 9, 2019, Mesa’s CEO stated that Mesa “did not meet the performance criteria” under its contract with American Airlines, Inc.
The Company’s shares have consistently traded below the IPO price, closing as low as $2.70 per share on March 19, 2020.
The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose: (1) that Mesa’s operational performance was poor and below industry standards; (2) that Mesa had a shortage of qualified mechanics and maintenance personnel; (3) that Mesa had an inadequate number of spare aircraft and parts; (4) that Mesa did not have a strong track record of reliable performance; (5) that then-existing “risks” had already materialized; (6) that Mesa 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 misleading at all relevant times.
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If you purchased or otherwise acquired Mesa securities pursuant and/or traceable to the IPO, you may move the Court no later than June 1, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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