NEW YORK (Legal Newsline) – A securities class action has been filed against a Dublin, Ireland-based airline operator and its CEO over allegations the price of its shares were inflated.
City of Birmingham Firemen's and Policemen's Supplemental Pension System, individually and on behalf of all similarly situated, filed a complaint on Nov. 6 in the U.S. District Court for the Southern District of New York against Ryanair Holdings PLC and Michael O'Leary over alleged violation of the Securities Exchange Act of 1934.
According to the complaint, the plaintiff purchased Ryanair American Depository Shares (ADS) and is seeking to represent a class of purchasers for a time frame of May 30, 2017, to Sept. 28. The plaintiff alleges the defendants engaged in a "scheme" to deceive the market and artificially inflate ADS prices.
The plaintiff holds Ryanair Holdings PLC and O'Leary responsible because the defendants allegedly disseminated or approved the false or misleading statements and engaged in a course of business that operated as fraud.
The plaintiff requests a trial by jury and seeks declaration that defendants violated the Act, award of compensatory damages, costs, expenses and such other relief as the court may deem just and proper. It is represented by Samuel H. Rudman of Robbins Geller Rudman & Dowd in Melville, New York.
U.S. District Court for the Southern District of New York case number 1:18-cv-10330-JPO