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MoneyRyanair boss Michael O'Leary is sued for 'misleading investors and building profits on worker exploitation'

16:16  08 november  2018
16:16  08 november  2018 Source:   dailymail.co.uk

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Ryanair boss Michael O ’ Leary may be flying by the seat of his pants in row with pilots | Nils Pratley. The letter also questioned comments O ’ Leary made at this week’s annual general meeting, when he accused pilots of being “precious” and questioned the difficulty of their job.

There’s an old story about Michael O ’ Leary that sums up the outspoken boss of Ryanair . Possessed of a shrewd financial mind, O ’ Leary spotted that the future lay in the low-cost model that has turned Ryanair into Europe’s biggest airline by passenger numbers, learning from and building

Ryanair boss Michael O'Leary is sued for 'misleading investors and building profits on worker exploitation' © getty Ryanair boss Michael O'Leary has been sued in New York by investors who claim he lied about the health of his company before share prices plummeted. Ryanair boss Michael O'Leary has been sued in New York by investors who claim he lied about the health of his company before share prices plummeted.

The suit against Ryanair Holdings Plc claims Europe's largest airline defrauded investors and inflated its share price by overstating its ability to manage labor relations and keep costs down.

The complaint was filed on Tuesday night in the US District Court in Manhattan by an Alabama pension fund, seeking class-action status and damages for investors in Ryanair's American depository shares from May 30, 2017 to September 28, 2018.

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Michael O ’ Leary has been chief executive of Ryanair Holdings Plc for almost a quarter century, or On Friday, O ’ Leary ’s credibility suffered another big knock when Ryanair was forced to recognize True, investor worries about unionization are probably overblown. Ryanair ’s profit doesn’t just reflect

Michael Kevin O ' Leary (born 20 March 1961) is an Irish businessman and the Chief Executive Officer of Ryanair . He is one of Ireland's wealthiest businessmen.

Ryanair did not immediately respond on Wednesday to requests for comment.

The complaint said Ryanair misled investors in regulatory filings and conference calls about its labor stability, including 'industry leading' contracts with pilots and cabin crews, and its positive impact on operations.

Ryanair boss Michael O'Leary is sued for 'misleading investors and building profits on worker exploitation' © Provided by Associated Newspapers Limited Ryanair boss Michael O'Leary has been sued in New York by investors It said the truth came out when labor unrest forced the Dublin-based low-cost carrier last December to recognize unions for the first time, and led this summer to costly strikes that stranded thousands of passengers in several countries.

'Unbeknownst to investors, the company's historical profit growth was built on an undisclosed and unsustainable foundation of worker exploitation and employee turnover,' the complaint said.

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At Ryanair , O ’ Leary spotted an opportunity that others had missed. In the US, Southwest Airlines had turned an expensive form of travel into low-cost A survey of a thousand Ryanair pilots found that 89 per cent felt suppressed when they tried to raise concerns. O ’ Leary fired Goss and is suing him for

Kipper Williams on Ryanair boss Michael O ' Leary . Short-haul airline chief renews warning over Brexit vote and says he has never been invited to Chequers or Downing Street.

'The decline in the price of Ryanair ADSs was the direct result of the nature and extent of defendants' fraud finally being revealed to investors and the market.'

Ryanair cited labor issues on October 1, when it cut its full-year profit forecast. Its share price closed that day more than one-third below its level in mid-March.

O'Leary, Ryanair's chief executive since 1994, said last month he hoped to reach labor agreements with all of the carrier's major unions before Christmas.

ADSs on June 30 accounted for 43.7 percent of Ryanair's issued ordinary shares, assuming all were converted into ordinary shares, the company has said. Ryanair's market value is roughly $16 billion, according to Refinitiv data.

The lawsuit was filed by the City of Birmingham Firemen's and Policemen's Supplemental Pension System. Its law firm Robbins Geller Rudman and Dowd specializes in securities fraud.

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Michael O ’ Leary says more competition is driving cheaper fares but bemoans UK government’s lack of Brexit strategy.

Airline boss had accused employees of being precious and full of their own self-importance after company was forced to scrap thousands of flights.

Ryanair boss Michael O'Leary is sued for 'misleading investors and building profits on worker exploitation' © Provided by Associated Newspapers Limited Ryanair cited labor issues on October 1, when it cut its full-year profit forecast. Its share price closed that day more than one-third below its level in mid-March (stock image) It is common for shareholders to sue companies in the United States after what they consider unexpected share price declines.

The case is City of Birmingham Firemen's and Policemen's Supplemental Pension System v Ryanair Holdings Plc, U.S. District Court, Southern District of New York, No. 18-10330.

A Ryanair spokesperson told MailOnline:

'We haven't yet received any such documentation, however these claims are doomed to fail as they have no basis in fact or reality. Ryanair shares are one of the best performing airline shares in 2018, despite significantly higher oil prices and lower fares which are affecting all EU airlines.

Contrary to these invented claims, Ryanair has experienced very little industrial action this year from its staff. Over just 8 days (5 days of action by just 25% of Irish pilots, and 3 days of action by less than 25% of cabin crew and pilots across 5 other EU countries) Ryanair continued to operate more than 90% of its published schedule with minimal customer disruptions.

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Michael O ’ Leary warns Brexit puts flights between UK and Europe at risk, saying EU27 can use O ’ Leary was speaking in London as Ryanair announced six new routes for 2018 as part of its Boss Michael O ’ Leary once warned not to upset customers, but has done exactly that over cancellations.

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Most of Ryanair's flight disruptions (like all other EU airlines) this year were caused by ATC strikes and staff shortages, mainly in France, Germany and the UK, which are an industry problem afflicting all EU airlines and their passengers.

Ryanair will vigorously defend and defeat these bogus 'ambulance chaser' claims.'

Video: Ryanair claims 'exposes fake photo' of cabin crew sleeping on floor (Evening Standard)


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