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Lawsuit filed for Investors in shares of Mesa Air Group, Inc. (NASDAQ: MESA)

04-08-2020 08:04 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Mesa Air Group, Inc. (NASDAQ: MESA) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Mesa Air Group, Inc. (NASDAQ: MESA) shares over alleged securities laws violations.

An investor, who purchased shares of Mesa Air Group, Inc. (NASDAQ: MESA), filed a lawsuit over alleged violations of Federal Securities Laws by Mesa Air Group, Inc. in connection with Mesa's August 2018 initial public stock offering (the "IPO").

Investors, who purchased shares of Mesa Air Group, Inc. (NASDAQ: MESA), have certain options and for certain investors are short and strict deadlines running. Deadline: June 1, 2020. NASDAQ: MESA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Phoenix, AZ based Mesa Air Group, Inc. operates as the holding company for Mesa Airlines, Inc., which provides regional air carrier services under capacity purchase agreements with the American Airlines and the United Airlines.

On August 9, 2018, Mesa Air Group, Inc. conducted its initial public offering ("IPO"), selling approximately 11 million shares of common stock for $12.00 per share. Then on August 8, 2019, Mesa Air Group, Inc. announced its third quarter 2019 financial results, reporting increased maintenance expenses of $54 million. Then on August 9, 2019, Mesa Air Group, Inc.'s CEO stated that the company "did not meet the performance criteria" under its contract with American Airlines, Inc. and that it would be "very difficult to meet the performance criteria."

On December 11, 2019, Mesa Air Group, Inc reports its fourth quarter and full year fiscal 2019. Mesa Air Group, Inc. reported that its Total Revenue rose from $681.59 million for the 12 months period that ended on September 30, 2018, to $723.35 million for the 12 months period that ended on September 30, 2019, and that its Net Income increased over those respective time periods from $33.25 million to $47.58 million.

Shares of Mesa Air Group, Inc. (NASDAQ: MESA) declined to as low as $2.05 per share on April 3, 2020.

The plaintiff claims that the Registration Statement that was issued in connection with Mesa's August 2018 IPO featured false and/or misleading statements and/or failed to disclose that Mesa Air Group's operational performance was poor and below industry standards, that Mesa Air Group had a shortage of qualified mechanics and maintenance personnel, that Mesa Air Group had an inadequate number of spare aircraft and parts, that Mesa Air Group did not have a strong track record of reliable performance, that then-existing "risks" had already materialized, that Mesa Air Group knew of undisclosed adverse trends and uncertainties at the time of the IPO, and that as a result, defendants' public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Those who purchased shares of Mesa Air Group, Inc. (NASDAQ: MESA) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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