Allegiant $4M Deal In Safety Lapse Stock-Drop Suit Gets OK

Law360 (January 15, 2020, 8:02 PM EST) -- A Nevada federal judge on Tuesday tentatively signed off on a $4 million settlement in a securities class action alleging low-cost airline Allegiant hid its poor safety record and lied to investors about maintenance lapses and dangerous flight incidents, saying it's a fair deal.

U.S. District Judge Andrew P. Gordon granted preliminary approval on the $4 million deal, which the parties reached last month, to end claims that Allegiant Travel Co. and top executives downplayed the airline's shoddy aircraft maintenance record and knowingly misled investors by recklessly hyping the airline's safety program.

The securities class action from plaintiffs Charles Brendon and...

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