Allegiant Air Can't Ground Safety Lapse Stock-Drop Suit

Law360 (September 9, 2019, 7:34 PM EDT) -- Allegiant Air must face a trimmed securities class action alleging the low-cost airline hid its poor safety record and lied to investors about maintenance lapses and dangerous incidents, a Nevada federal judge ruled Monday, finding that at least some of the company's disclosures might've misled investors.

U.S. District Judge Andrew P. Gordon agreed to slash some of the suit's claims that Allegiant Travel Co. and top executives downplayed the airline's shoddy aircraft maintenance record — which was revealed in a 2018 CBS News "60 Minutes" report and resulted in a sharp drop in Allegiant's stock price — but largely kept alive...

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