LOS ANGELES, Jan. 25, 2023 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming March 13, 2023 deadline to file a lead plaintiff motion in the class action brought on behalf of investors who purchased or acquired securities of Southwest Airlines Co. (“Southwest Airlines” or the “Company”) (NYSE: LUV) between June 13, 2020 and December 31, 2022inclusive (the “Class Period”).
If you have suffered a loss on your Southwest Airlines investments or would like information about potential claims to recover your loss under federal securities laws, you may submit your contact information at www.glancylaw.com/cases/southwest-airlines-co-1 /. You may also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or by email at [email protected] for more information about your rights.
On December 22, 2022, Southwest Airlines began canceling flights in the wake of a winter storm. In the days that followed, the airline canceled 15,004 flights, more than half its regular flight schedule, and as of December 28, about 87% of all canceled flights in the US were Southwest Airlines alone. The president of the Transportation Workers Union said she and other union leaders have repeatedly told management that Southwest Airlines’ scheduling technology isn’t good enough, with a “complicated” model for assigning flights and an “internal system outdated” used to manage and staff trips.
On this news, Southwest Airlines’ stock price fell $2.15, or 10.8%, for two consecutive trading days to close at $32.19 per share on December 28, 2022, hurting investors.
Then, on December 31, 2022, The New York Times, published an article about the “open secret” within Southwest Airlines that it needed to modernize its scheduling systems, and that software deficiencies had “contributed to previous, smaller-scale crises.”
On this news, Southwest Airlines’ stock price fell $1.70, or 3.2%, to close at $32.60 per share on January 3, 2023, further hurting investors.
The lawsuit filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, Defendants failed to inform investors that: (1) Southwest Airlines continually downplayed or ignored serious problems with the technology it used to schedule flights and crews, and how it would be more affected than other airlines by bad weather; and (2) did not discuss how its unique point-to-point service and aggressive flight schedule could leave it prone to bad weather; and (3) as a result, Defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Southwest Airlines securities during the Class Period, you may serve the Court no later than March 13, 2023 to seek appointment as lead plaintiff in this purported class action lawsuit. You do not need to take any action at this time to be a member of the Class; you may hire an attorney of your choice or take no action and remain an absentee class member. If you would like more information about this class action lawsuit, or if you have any questions about 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 at [email protected], or visit our website at www.glancylaw.com. If you are making your inquiry by email, please include your postal address, telephone number and number of shares purchased.
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Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224