NEW YORK, NY / ACCESSWIRE / September 13, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against American Airlines Group Inc. ("American Airlines" or the "Company") (NASDAQ:AAL). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether American Airlines and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until September 16, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired American Airlines securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On May 28, 2024, American Airlines reported the termination of its Executive Vice President and Chief Commercial Officer, Vasu S. Raja, and abruptly reduced its short-term guidance. During a conference presentation on May 29, 2024, the Company attributed its lowered guidance to a softness in consumer bookings, a domestic supply and demand imbalance, and a reduction in capacity growth. In pertinent part, American Airlines attributed the reduced consumer bookings to changes American had made to its sales and distribution strategy and a failure to properly execute the Company's business strategy, and announced plans to modify its strategy in an effort to regain customers. As a result, American lowered its second quarter fiscal year 2024 projections, cutting projections for operating margin by a full percentage point and adjusted earnings per share for the quarter by more than 17%.
On this news, American Airlines' stock price fell $1.82 per share, or 13.54%, to close at $11.62 per share on May 29, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP