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

Court

1:18-cv-10330-JPO

Case number

05/30/2017

Class period Start

09/28/2018

Class period End

10/17/2023

Claim deadline

Ryanair 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

11/06/2018

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

10/20/2023

Exclusion deadline

09/29/2023

Objection deadline

09/29/2023

Hearing deadline

09/29/2023

Trades matching type

FIFO

+$5,000,000

Cash Settlement Amount