NEW YORK, Nov. 28, 2022 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is pleased to announce that it has reached a proposed settlement in the securities class action lawsuit captioned In re Mesa Air Group, Inc. Securities Litigation, Case No. 2:22-cv-00420-DLR (the "Action") pending in the United States District Court for the District of Arizona. If you purchased or otherwise acquired Mesa Air Group, Inc. ("Mesa" or the "Company") (NASDAQ:MESA) securities between November 17, 2021 and February 9, 2022, inclusive (the "Class Period"), you may be entitled to benefits under the proposed settlement. Mesa provides regional air service in the United States under capacity purchase agreements with American Airlines, Inc. and United Airlines, Inc. The Action alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Mesa's operational performance during the third quarter of fiscal year 2022 was negatively impacted due to the Company's ongoing pilot shortage; (ii) Mesa had not adequately addressed its pilot shortage as of the beginning of the Class Period; (iii) as a result, Mesa was reasonably likely to miss its financial and operational guidance for the third quarter of fiscal year 2022; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times. On February 9, 2022, Mesa issued a press release announcing its financial and operating results for the three months ended December 31, 2021. Therein, the Company disclosed that it had missed its previously issued guidance for the quarter, reporting a net loss of $11.4 million, or $0.32 per share, compared to net income of $14.5 million, or $0.40 per share, for the three months ended December 31, 2020. On this news, Mesa's stock price fell $0.70 per share, or 12.8%, to close at $4.78 per share on February 10, 2022. The Court has preliminarily approved the proposed settlement and has scheduled a hearing on March 28, 2023, to consider whether to finally approve the proposed settlement. Class Members may obtain copies of the settlement documents, including the Notice of Pendency and Proposed Settlement of Class Action, at www.MesaSecuritiesLitigation.com. If you are a Class Member, you may also submit a claim form online at www.MesaSecuritiesLitigation.com. If you are a Class Member and do not wish to participate in the settlement, you must exclude yourself by no later than February 21, 2023, or you will be bound by the terms of the settlement. If you are a Class Member and wish to object to the settlement, you must do so no later than February 21, 2023. If you would like to receive additional information or have further questions, please contact James (Josh) Wilson, Jr., Esq. by calling (877) 215-3221 or by sending an e-mail to josh@faruqilaw.com. AUTHOR CONTACT: Faruqi & Faruqi, LLP James (Josh) Wilson, Jr., Esq. josh@faruqilaw.com (877) 215-3221