UPDATE 1-U.S. pension fund sues Mexico's Volaris airline over IPO filings

miércoles 25 de febrero de 2015 15:27 GYT

(Adds comment from Volaris)

MEXICO CITY Feb 25 (Reuters) - A U.S. pension fund has sued Mexican airline Volaris to recover losses that it said were caused by false statements in the company's initial public offering filings.

The lawsuit, which seeks class-action status, was filed on Tuesday in federal court in New York on behalf of the DeKalb County Employees Retirement System. It said Volaris omitted or misstated information in U.S. filings ahead of its September 2013 listing of American depositary receipts.

The complaint accuses Volaris and some executives and directors with failing to disclose financial effects resulting from a change in the company's reservation system as well as increased competition in certain markets.

The lawsuit also says Volaris' registration statement "negligently contained financial statements that were presented in violation of applicable accounting standards and the company's publicly disclosed accounting policies."

Volaris, in an emailed statement, said it would use all legal means to defend itself.

"Volaris has always been managed in strict accordance with the law," the statement said.

At Tuesday's close, Volaris ADRs had fallen 32.8 percent since the IPO. They were down 1 percent at $9.32 in morning New York Stock Exchange trading.

The Mexican shares, which had been down 22 percent since listing, fell 1.2 percent to 13.80 pesos. (Reporting by Elinor Comlay; Editing by Lisa Von Ahn and Grant McCool)