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American Airlines, Allegiant slide on planned review of FAA safety oversight

  • American Airlines (NASDAQ:AAL) sank 3.5% and Allegiant Travel (NASDAQ:ALGT) tumbled 2% in today's trade after the U.S. Department of Transportation's inspector general said it would audit aircraft maintenance procedures at the two airlines.
  • The review by follows a recent 60 Minutes report that questioned ALGT’s safety standards and the Federal Aviation Administration’s oversight of the airline.
  • AAL says it was "shocked to learn of the Office of Inspector General’s review, and we stand by our strong safety record. Our team is working to understand why we are part of its review.”
  • “Our objectives now are to assess FAA’s processes for investigating allegations of improper maintenance practices" at the two carriers, according to a DoT memo.

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