Mesa Airlines Case Becomes Class Action

A federal judge agreed to class action status for thousands of people who contend they were deceived into buying Mesa Airlines stock at unrealistically high prices.

The lawsuits allege Mesa claimed to maintain its aircraft according to Federal Aviation Administration standards but didn’t; that it misrepresented its record of growth; that it issued inaccurate reports on earnings in 1993 and the first two quarters of 1994; and that it misstated projected earnings.

Chief U.S. District Judge John Conway’s order certified the class as all those who bought Mesa common stock between Jan. 28, 1993, and Aug. 5, 1994, excluding officers and directors of the Farmington-based airline.