Ryanair Holdings plc (RYAAY) Accused of Using Aggressive Anti-Employee Practices
According to the complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between May 30, 2017 through September 28, 2018, Ryanair Holdings plc (RYAAY) used Irish employment contracts to avoid labor laws throughout Europe, opposed unions, and forced its employees to pay for workplace basics, including training, uniforms, and water. While the company’s employees were quitting en masse, Ryanair publicly stated that its employees were satisfied with their “industry leading” pay and benefits. As the extent of the labor unrest worsened, Ryanair’s employees threatened collective action, causing flight cancelations and forcing the company to pay millions in compensation costs or to re-route fliers. After disclosing a 20% decrease in quarterly profits in July 2018, Ryanair revealed in October that it could not meet its annual profit guidance due to massive costs related to the strikes and flight cancelations. On this news, Ryanair’s American Depositary Share (“ADS”) price fell to $80.93 per ADS on October 1, 2018, approximately 35% below the class period high.
Ryanair Holdings plc (RYAAY) Shareholders Have Legal Options
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