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Shareholders sue Southwest Airlines over flight meltdown

By Jonathan Stempel (Reuters) -Shareholders filed a lawsuit against Southwest Airlines (NYSE:LUV) Co on Thursday, accusing the carrier of fraudulently concealing problems that led...
Shareholders sue Southwest Airlines over flight meltdown © Reuters.
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By Jonathan Stempel

(Reuters) -Shareholders filed a lawsuit against Southwest Airlines (NYSE:LUV) Co on Thursday, accusing the carrier of fraudulently concealing problems that led last month to an operational meltdown and more than 15,000 flight cancellations.

According to the proposed class action filed in federal court in Houston, Southwest publicly downplayed or failed to disclose serious shortcomings in its flight scheduling software technology.

The lawsuit said Southwest also did not discuss how its "point-to-point" route structure, which differs from the "hub-and-spoke" structure at other large U.S. airlines, could leave it vulnerable to unexpected bad weather.

Shareholders led by Arthur Teroganesian said the inadequate disclosures made Southwest's statements about its operations in regulatory filings and in a media appearance by former Chief Executive Gary Kelly "materially false and misleading."

Teroganesian said that as the truth came out, Southwest's share price fell about 10% between Dec. 23, 2022, and Jan. 3, 2023, wiping out more than $2 billion of shareholder value.

Southwest did not immediately respond to requests for comment. Kelly, his successor Bob Jordan and Chief Financial Officer Tammy Romo are all named as defendants, in addition to the airline.

Flight operations at Dallas-based Southwest buckled shortly before Christmas as a fierce winter storm swept across the United States.

The carrier largely restored normal operations by Dec. 30, several days after other airlines had recovered.

Thursday's complaint seeks unspecified damages on behalf of Southwest investors from June 13, 2020, when the Baltimore Sun wrote about computer problems at the carrier, to Dec. 31, 2022.

Southwest has also been sued over its alleged failure to provide refunds to passengers affected by December's weather. The carrier has pledged to process refunds and provide expense reimbursements.

In an interview on Thursday, Jordan said Southwest was looking at all operations to avoid a repeat of the meltdown. "It just can't happen again," he said.

The case is Teroganesian v Southwest Airlines Co, U.S. District Court, Southern District of Texas, No. 23-00115.

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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