Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Southwest Airlines Co. (“Southwest Airlines”) (NYSE: LUV) securities between June 13, 2020 and December 31, 2022, inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about Southwest’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Southwest continuously downplayed or ignored the serious issues with the technology it used to schedule flights and crews, and how it stood to be affected worse than other airlines in the event of inclement weather; (2) it did not discuss how its unique point-to point service and aggressive flight schedule could leave it prone in the event of inclement weather; and (3) as a result of the foregoing, Defendants’ statements about Southwest’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.
Current Status of Case:
On September 15, 2023, Lead Plaintiffs filed an Amended Complaint. On November 20, 2023, Defendants filed a Motion to Dismiss, which the Court denied on December 4, 2024, and on December 21, 2024, Defendants filed a Motion for Reconsideration. The Motion for Reconsideration has been argued and is pending decision by the Court. In the meantime, Defendants answered the Amended Complaint on January 27, 2025. This action is in the discovery phase and is ongoing.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.