DALLAS — Southwest Airlines is facing a class action by stock holders alleging the airline made false public statements about its safety issues and compliance with governmental regulations that caused the market value of their stock to drop.
Robert Linenweber, individually and on behalf of all others similarly situated filed a complaint Feb. 19 in the U.S. District Court for the Northern District of Texas against Southwest Airlines Co., Gary Kelly and Tammy Romo alleging violation of the Securities Exchange Act of 1934.
Lineneweber and the class members purchased/acquired Southwest securities between Feb. 7, 2017 and June 25, 2019. Linenweber alleges that during that time period, Southwest made "materially false and misleading" public statements regarding the company's compliance with government maintenance and safety regulations, its scrutiny by the government and several mechanical failures with its planes. He also claims Southwest's alleged misrepresentations caused the market value decline of their securities.
Lineneweber seeks monetary relief, trial by jury and all other just relief. He is represented by Willie Briscoe of The Briscoe Law Firm PLLC in Dallas and Jeremy Liberman and J. Alexander Hood, II of Pomerantz LLP in New York.
U.S. District Court for the Northern District of Texas case number 3:20-CV-00408