NEW YORK CITY, NY / ACCESSWIRE / August 21, 2024 / Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against American Airlines Group, Inc. (“American” or “the Company”) (NASDAQ: AAL) and certain of its officers.
Class definition
This action seeks to recover damages from the defendants for alleged violations of the federal securities laws on behalf of all persons and entities who purchased or otherwise acquired American securities between January 25, 2024 and May 28, 2024, inclusive (the “Class Period”). These investors are encouraged to join this case by visiting the Firm’s website: bgandg.com/AAL.
Case details
The complaint alleges that throughout the Class Period, defendants made mostly positive statements to investors about American’s new sales and distribution strategy, which was designed to reduce internal costs while significantly increasing demand for the company’s airline services. The complaint also alleges that these statements misrepresented American’s true condition and that the company simultaneously concealed material adverse facts, including, without limitation, that the company’s sales and distribution strategy did not produce projected revenues.
Following the announcement of an abrupt reduction in the company’s near-term guidance on May 28, 2024 and the firing of its Executive Vice President and Chief Commercial Officer, Vasu S. Raja, the price of American’s common stock declined dramatically. From a closing price of $13.44 per share on May 28, 2024, American’s stock price fell to $11.62 per share on May 29, 2024, a decline of more than 13.5% in a single day.
What’s next?
A class action lawsuit has already been filed. If you would like to review a copy of the lawsuit, you can visit the firm’s website: bgandg.com/AAL or you can contact Peretz Bronstein, Esq. or his Client Relations Manager Nathan Miller of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss at American, you have until September 16, 2024 to request that the court appoint you as lead plaintiff. Your ability to share in any compensation is not dependent on your serving as lead plaintiff.
There are no costs for you
We represent investors in class action lawsuits on a contingency basis, meaning we ask the court to reimburse us for our expenses and attorney fees (usually a percentage of the total award) only if we win.
Why Bronstein, Gewirtz & Grossman
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized law firm representing investors in securities fraud class action lawsuits and shareholder actions involving derivatives trading. Our firm has recovered hundreds of millions of dollars for investors nationwide.
Attorney advertising. Past results do not guarantee similar results.
contact
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Nathan Miller
332-239-2660 | (email protected)
SOURCE: Bronstein, Gewirtz & Grossman, LLC
