RYAAY.US
id: 757
Ryanair $5M Investor Unionization Settlement
It is still possible to file a late claim. The court will decide whether to accept late claims or not.
S.D. New York
Court1:18-cv-10330-JPO
Case number30 May 2017
Class period Start28 Sept 2018
Class period End17 Oct 2023
Claim deadlineRyanair agreed to a $5 million settlement to address allegations of false claims regarding unionization.
Investors sought approval from a New York federal judge, asserting that the Irish budget airline and its CEO artificially inflated share prices by falsely promising a union-free environment. The share prices dropped when Ryanair workers eventually unionized.
The Complaint alleges that during the Class Period, Defendants made false and misleading statements and/or failed to disclose adverse information regarding Ryanair’s business and operations as a result of its aggressive anti-employee practices and opposition to employee collectivization efforts. Specifically, the Complaint alleges that Defendants misrepresented and/or failed to disclose, among other things, that Ryanair’s labor relations had deteriorated in 2017 and 2018. As a result, the Company was experiencing increased employee turnover and was threatened with massive strikes and other disruptions across its operations, and its historical operating model and profit growth were not sustainable.
Case Status
Accepting Late Claims
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Depository Securities (ADS, ADR, GDR)
Trade Direction
Long
Payout per Share
0.13
Filing date
06 November 2018
Plaintiffs
City of Birmingham Firemen’s and Policemen’s Supplemental Pension System, City of Birmingham Retirement and Relief System
Attorneys
Robbins Geller Rudman & Dowd LLP
Defendants
Michael O'Leary
Judge
Hon. J. Paul Oetken
Administrator
Gilardi & Co LLC
Court hearing date
20 October 2023
Exclusion deadline
29 September 2023
Objection deadline
29 September 2023
Hearing deadline
29 September 2023
Trades matching type
FIFO
+$5,000,000
Cash Settlement Amount