MESA - DEADLINE ALERT: Rigrodsky & Long P.A. Reminds Shareholders Of Mesa Air Group Inc. Of Upcoming Deadline

DEADLINE ALERT: Rigrodsky & Long, P.A. Reminds Shareholders Of Mesa Air Group, Inc. Of Upcoming Deadline

WILMINGTON, DL / ACCESSWIRE / April 20, 2020 / Rigrodsky & Long, P.A.: Rigrodsky & Long, P.A. reminds shareholders of Mesa Air Group, Inc. ("Mesa Air Group," "Mesa" or the "Company") (NASDAQGS:MESA) of an upcoming deadline involving a securities fraud class action lawsuit commenced against the Company.

A complaint was filed in the United States District Court for the District of Arizona on behalf of all persons or entities that purchased the common stock of Mesa Air Group pursuant and/or traceable to the registration statement and related prospectus (collectively, the "Registration Statement") issued in connection with the Company's August 2018 initial public offering ("IPO"), alleging violations of the Securities Exchange Act of 1933 against the Company, the sponsors of the IPO, and certain of the Company's officers (the "Complaint"). If you wish to serve as lead plaintiff, you must move the Court no later than June 1, 2020.

If you purchased shares of Mesa Air in connection with the IPO and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at info@rl-legal.com, or at http://rigrodskylong.com/cases-mesa-air-group-inc.

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public: (1) Mesa Air Group's operational performance was poor and below industry standards; (2) Mesa Air Group had a shortage of qualified mechanics and maintenance personnel; (3) Mesa Air Group had an inadequate number of spare aircraft and parts; (4) Mesa Air Group did not have a strong track record of reliable performance; (5) then-existing "risks" had already materialized; (6) Mesa Air Group knew of undisclosed adverse trends and uncertainties at the time of the IPO; and (7) as a result, defendants' public statements were materially false and/or misleading at all relevant times. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.

According to the Complaint, in August 2018, Defendants held the IPO, offering approximately 11 million shares of common stock to the investing public at $12.00 per share.

On May 10, 2019, Mesa's Chief Executive Officer ("CEO") revealed that over the last 18 months, well before the IPO, Mesa had been "hamstrung by the fact that we had expanded a lot . . . maintenance became more difficult in terms of qualified maintenance people."

Then on August 9, 2019, Mesa's CEO stated that Mesa "did not meet the performance criteria" under its contract with American Airlines, Inc.

Since the IPO, and as a result of the disclosure of material adverse facts omitted from the Company's Registration Statement, Mesa Air Group's stock price has significantly fallen below its IPO price, damaging Plaintiff and Class members. On March 30, 2020, the Company's stock closed at $3.11 per share, or 74% less than its IPO price.

A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member.

Rigrodsky & Long, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.

Attorney advertising. Prior results do not guarantee a similar outcome.

CONTACT:
Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Timothy J. MacFall
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com

SOURCE: Rigrodsky & Long P.A.