NEW YORK, Feb. 25, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against (Volaris Aviation Holding Company) Controladora Vuela Compañía de Aviación, S.A.B. de C.V.("Volaris" or the "Company") (NYSE:VLRS) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, is on behalf of a class consisting of all persons or entities who purchased Volaris securities pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with Volaris' initial public stock offering on or about September 18, 2013 (the "IPO"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Volaris securities during the Class Period, you have until April 27, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Controladora Vuela Compañía de Aviación, S.A.B. de C.V., doing business as Volaris, provides air transportation services for passengers, cargo, and mail in Mexico and internationally. It also offers charter flight services. As of March 31, 2014, the company operated in approximately 100 routes with a fleet of 46 aircraft consisting of 19 Airbus A319 and 27 aircraft A320. It also operates approximately 200 daily flights on routes that connect 33 cities in Mexico and 13 cities in the United States. The company was founded in 2003 and is headquartered in Mexico City, Mexico.
The complaint alleges that the Company's Registration Statement failed to disclose certain material events known to defendants that rendered the Registration Statement materially false and misleading. According to the suit, the misstatements and omissions include: (1) the financial effects ensuing from a change in the Company's airline reservation system; and (2) an expansion of competition in the Tijuana and Guadalajara, Mexico markets, which was having a material adverse effect on the Company's revenues and profit margins at the time of the IPO.
On June 6, 2013, Volaris filed a Registration Statement on Form F-1 with the SEC, which would later be utilized for the IPO following several amendments in response to comments by the SEC. On September 17, 2013, the SEC declared the Company's Registration Statement effective and the Company sold 226,469,000 ADSs for $12.00 each.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.