SHAREHOLDER ALERT: Ryanair Holdings plc (NASDAQ:RYAAY)
(ShareholderAlert.com) — Shareholder Alert, a free shareholder news & information service announces that class actions have commenced on behalf of shareholders of the following companies. If you suffered a loss you have until the lead plaintiff deadline to request that the court appoint you as lead plaintiff.
A class action lawsuit has been filed on behalf of shareholders of Ryanair Holdings plc (NASDAQ:RYAAY). Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found below.
Ryanair Holdings plc (NASDAQ: RYAAY)
Lead Plaintiff Deadline: January 9, 2019
Class Period: Purchasers of American Depositary Shares May 30, 2017 – September 28, 2018
On September 14, 2017, it was reported that Ryanair had lost a key ruling in the European Court of Justice that cast doubt on the legality of the Company’s use of Irish employment contracts to evade local labor laws throughout Europe. The next day, Ryanair announced that it would need to cancel up to 50 flights a day for the next six weeks due to pilot “schedul[ing]” issues, impacting some 315,000 customers.
Following this news, Ryanair’s American depositary receipt (“ADR”) price fell $7.09, or 6.21%, over three trading sessions, to close at $107.00 on September 18, 2017.
Soon thereafter, reports began to circulate that the disruption was not due to scheduling issues as the Company had claimed, but rather to widespread defections by disgruntled employees. Then, in the summer of 2018, Ryanair workers in Germany, Belgium, Sweden, Portugal, Italy, the United Kingdom, the Netherlands, and Ireland threatened collective action, resulting in flight cancellations that forced Ryanair to pay millions in compensation costs or to re-route fliers. On July 23, 2018, Ryanair disclosed a 20% decrease in quarterly profits, due in part to a 34% increase in staff costs.
Following this disclosure, Ryanair’s ADR price fell $10.00, or 8.57%, to close at $106.70 on July 23, 2018.
Shortly thereafter, on October 1, 2018, the Company revealed that it could not meet its annual profit guidance due to the lost fares and ballooning costs related to the strikes and flight cancellations.
Following this news, Ryanair’s ADR price fell $15.11, or 15.73%, to close at $80.93 on October 1, 2018.
The case is City of Birmingham Firemen’s and Policemen’s Supplemental Pension System v. Ryanair Holdings plc., et al., 18-cv-10330.