NEW YORK, Dec. 14, 2018 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Ryanair Holdings plc (“Ryanair” or the “Company”) (NASDAQ: RYAAY). Such investors are advised to Robert S. Willoughby at or, ext. 9980.
The investigation concerns whether Ryanair and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On September 14, 2017, it was reported that Ryanair had lost a key ruling in the European Court of Justice that cast doubt on the legality of the Company’s use of Irish employment contracts to evade local labor laws throughout Europe. The next day, Ryanair announced that it would need to cancel up to 50 flights a day for the next six weeks due to pilot “schedul[ing]” issues, impacting some 315,000 customers.
Soon thereafter, reports began to circulate that the disruption was not due to scheduling issues as the Company had claimed, but rather to widespread defections by disgruntled employees. Then, in the summer of 2018, Ryanair workers in Germany, Belgium, Sweden, Portugal, Italy, the United Kingdom, the Netherlands, and Ireland threatened collective action, resulting in flight cancellations that forced Ryanair to pay millions in compensation costs or to re-route fliers. On July 23, 2018, Ryanair disclosed a 20% decrease in quarterly profits, due in part to a 34% increase in staff costs.
Shortly thereafter, on October 1, 2018, the Company revealed that it could not meet its annual profit guidance due to the lost fares and ballooning costs related to the strikes and flight cancellations. <br /
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Robert S. Willoughby