NEW YORK, Aug. 19, 2024 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Texas on behalf of those who purchased securities of American Airlines Group Inc. (“American” or the “Company”) (NASDAQ: AAL) during the period beginning January 25, 2024 through May 28, 2024 (the “Class Period”). Investors have until September 16, 2024 to request that the Court appoint them as lead plaintiff in the lawsuit.
(Click here to learn more about the class action lawsuit)
On May 28, 2024, American announced that it was abruptly lowering the company’s near-term guidance and terminating Executive Vice President and Chief Commercial Officer Vasu S. Raja. On this news, American’s stock price declined $1.82 per share, or approximately 13.5%, from $13.44 per share on May 28, 2024, to $11.62 on May 29, 2024.
The lawsuit alleges that American made mostly positive statements to investors about the company’s new sales and distribution strategy, which was designed to reduce internal costs while significantly increasing demand for American’s airline services. Those statements misrepresented the true condition of the company, and American simultaneously concealed material adverse facts, including, in particular, that the company’s sales and distribution strategy did not result in projected revenues.
If you have purchased or otherwise acquired U.S. securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at [email protected] or by completing this CONTACT FORM to discuss your rights or interests with respect to these matters free of charge.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm specializing in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in billions of dollars in awards. For more information about the firm, visit the Kirby McInerney LLP website.
This press release may be considered Attorney Advertising in some jurisdictions under applicable laws and professional rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
[email protected]
