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Case Status:    DISMISSED    
On or around 07/06/2016 (Court's order of dismissal)

Filing Date: February 24, 2015

According to the complaint, all persons or entities, (the "Class"), who purchased Ordinary Participation Certificates ("CPOs") in the form of American Depositary Shares ("ADSs") in and/or traceable to the Company's initial public offering on or about September 18, 2013 (the "IPO") seeking to pursue remedies under Sections 11 and 15 of the Securities Act of 1933 (the "Securities Act").

On June 6, 2013, Volaris filed a Registration Statement on Form F-1 with the SEC, 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 CPOs in the form of ADSs for $12.00 each.

The Registration Statement, which incorporated a Prospectus, covered two offerings, which were conditioned upon each other: (i) an international offering through the Underwriter Defendants, and others, in the United States and countries other than Mexico; and (ii) an offering in Mexico. In the international offering, the Company offered 132,191,950 CPOs in the form ofADSs, and the selling shareholders offered 94,277,050 CPOs in the form of ADSs. Each ADS represents ten CPOs.

On September 18, 2013, the Company's ADSs were listed and began trading on New York Stock Exchange ("NYSE") under the trading symbol "VLRS." . This action relates to the ADSs listed on the NYSE that were sold in the IPO. The Registration Statement issued in connection with the IPO was negligently prepared and, as a result, contained untrue statements of material fact and omitted to disclose material information required pursuant to the regulations governing the preparation of the Registration Statement.

Specifically, 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' future operating results. 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.

At the time of the filing of this action, the ADSs of Volaris trade at approximately $9.19 per ADS, or approximately 23% less than the IPO price.

On July 6, 2016, the Court issued an Order dismissing this case with prejudice.

COMPANY INFORMATION:

Sector: Transportation
Industry: Airline
Headquarters: Mexico

SECURITIES INFORMATION:

Ticker Symbol: VLRS
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 15-CV-01337
JUDGE: Hon.William H. Pauley, III
DATE FILED: 02/24/2015
CLASS PERIOD START: 09/18/2013
CLASS PERIOD END: 02/24/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 15-CV-01337
JUDGE: Hon.William H. Pauley, III
DATE FILED: 07/20/2015
CLASS PERIOD START: 09/18/2013
CLASS PERIOD END: 02/26/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Milstein Sellers & Toll PLLC (New York)
    88 Pine Street, 14th Floor, Cohen Milstein Sellers & Toll PLLC (New York), NY 10022
    212.838.7797 212.838.7797 ·
No Document Title Filing Date