Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Southwest Airlines Co. (NYSE: LUV).
On December 22, 2022, the Company announced that it was canceling flights scheduled for December 22-23 ahead of Winter Storm Elliott, which ultimately caused a technical and logistical meltdown resulting in more than 16,700 flights being cancelled over the next several days, stranding an estimated 2 million passengers and employees during the holiday season. Subsequently, news agencies reported that, based on information from industry insiders, the difficulties posed by the severe weather were greatly exacerbated by the Company’s use of outdated and ineffective technology and an aggressive flight scheduling system that left it more prone to such cancellations, and that Company executives had ignored warnings of these and other problems over the years. The Company estimated the cost of the meltdown at up to $825 million.
Thereafter, the Company has suffered arguably the most extensive damage to the Southwest brand in its 51-year history and been subjected to investigations by the U.S. Department of Transportation and U.S. Congress, consumer class action lawsuits, and a securities class action lawsuit, charging the Company and its executives with failing to disclose material information in violation of federal securities laws, which remains ongoing.
KSF’s investigation is focusing on whether Southwest’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Southwest shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-938-0905 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or visit us at https://www.ksfcounsel.com/cases/nyse-luv/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit ksfcounsel.com.
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Contacts
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
