Violations of federal securities laws as a result of a series of materially false statements. Volaris provides air transportation services for passengers, cargo, and mail in Mexico and internationally. The Complaint charges Volaris and certain of its officers and directors, as well as the underwriters of its September 19, 2014 Initial Public Offering ("IPO"), with violations of the Securities Act of 1933. According to the Complaint, Volaris filed a Registration Statement on Form F-1 with the Securites and Exchange Commission ("SEC") on June 6, 2013, which would later be utilized for the IPO following several amendments in response to comments by the SEC. On September 17, 2013, the SEC declared the Company's Registration Statement effective and the Company sold 226,469,000 ADSs for $12.00 each. According to the Complaint, the Registration Statement negligently contained financial statements that were presented in violation of applicable accounting standards and the Company's publicly disclosed accounting policies. In addition, the Registration Statement failed to disclose certain material events known to Defendants that caused the financial information reported in the Registration Statement not to be indicative of Volaris's future operating results. The Complaint alleges that these material events included: (i) the financial effects ensuing from a change in the Company's airline reservation system; and (ii) an expansion of competition in the Tijuana and Guadalajara, Mexico, markets, which was having a material, adverse effect on the Company's revenues and profit margins at the time of the IPO. Filed in S.D.N.Y.
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