Troubled Taiwanese carrier TransAsia Airways abruptly canceled all its Tuesday flights, leaving more than 5,000 customers in the lurch.
The airline didn’t give a reason for the sudden suspension. It will provide more information after a board meeting Tuesday, TransAsia spokeswoman Claire Liu told CNNMoney.
TransAsia has suffered two deadly crashes in the past two and a half years. Regulatory officials have previously investigated the company’s safety practices and even grounded TransAsia pilots after they failed to pass key tests.
The airline lost about $36 million in 2015 and $40 million in the first six months of this year.
Taiwan’s Civil Aviation Authority slammed the company for the sudden cancellation of Tuesday’s flights, which affected 84 domestic and international routes.
TransAsia shares slumped 7% in Taiwan on Monday as reports emerged of the plans to suspend flights. The stock was halted from trading on Tuesday.
Shortly after TransAsia announced the cancellations, government officials launched an investigation into insider trading of the company’s shares, according to Taiwan’s official news agency CNA.
Company employees were found to be selling TranAsia shares Monday, acting on rumors that the airline would soon suspend operations, Taiwan Stock Exchange chairman Shih Jun-Ji told CNA.
TransAsia has been the subject of investigations for two fatal crashes since 2014.
Flight GE235 plunged into a river in Taipei in early 2015, killing 43 people. Flight GE222 crashed while attempting to land in Penghu Islands in July 2014, leaving 48 people dead.
— Serena Dong contributed to this report.