Pension Files Class Action Suit Against Volaris Over Investment Losses

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A Georgia pension fund has filed a lawsuit against Mexican airline Volaris; the fund is accusing the company of making false statements in its regulatory filings.

From Reuters:

The lawsuit, which seeks class-action status, was filed on Tuesday in the U.S. District Court for the Southern District of New York on behalf of the DeKalb County Employees Retirement System. It said Volaris omitted or misstated information in U.S. filings ahead of its September 2013 listing of American depositary receipts.

The complaint accuses Volaris and some executives and directors with failing to disclose financial effects resulting from a change in the company’s reservation system as well as increased competition in certain markets.

The lawsuit also says Volaris’ registration statement “negligently contained financial statements that were presented in violation of applicable accounting standards and the company’s publicly disclosed accounting policies.”

A Volaris spokesman was not immediately available for comment.

The DeKalb County Employees Retirement System manages about $1.3 billion in assets.

 

Photo by  Andreas Poik via Flickr CC License

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