Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages investors who have suffered losses of over $100,000 on American Airlines to contact him directly to discuss their options
If you have suffered losses of over $100,000, American Airlines Shares or options between January 25, 2024 and May 28, 2024 and would like to discuss your legal rights, Call Faruqi & Faruqi Partner Josh Wilson direct at 877-247-4292 or 212-983-9330 (extension 1310).
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NEW YORK, Aug. 22, 2024 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against American Airlines Group Inc. (“American Airlines” or the “Company”) (NASDAQ: AAL) and reminds investors of the Deadline 16 September 2024 to serve as lead plaintiff in a federal securities class action lawsuit filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. Since its founding in 1995, the firm has recovered hundreds of millions of dollars for investors. See www.faruqilaw.com.
As set forth in detail below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose the following: Defendants provided investors with material information about American’s expected revenue for fiscal year 2024. Defendants’ statements included, among other things, confidence in the Company’s new sales and distribution strategy to reduce internal costs while generating a significant increase in demand for the Company’s airline services. Defendants provided investors with these predominantly positive statements while simultaneously disseminating materially false and misleading statements and/or concealing material adverse facts about American’s true condition; specifically, that the Company’s sales and distribution strategy did not increase projected revenue. Instead, it actually drove customers away from American because the strategy and its demonstrated poor execution made it more difficult for customers to access the Company’s services. Such statements, lacking these material facts, caused Plaintiff and other shareholders to purchase American’s securities at artificially inflated prices.
On May 28, 2024, after the market closed, American Airlines announced that its Chief Commercial Officer was leaving the company. In addition, the company announced that it was lowering its forecast. At an industry conference the following day, May 29, 2024, the company’s CEO stated that the company’s “expectations for domestic performance have deteriorated significantly since the company issued its guidance in April” and that the revision was “primarily due to a weaker than expected domestic environment and (its) performance in that environment.”
On this news, American Airlines’ share price fell $1.82, or 13.5%, to close at $11.62 per share on May 29, 2024, hurting investors.
The court-appointed lead plaintiff will be the investor with the greatest financial interest in the relief sought by the class, who is reasonable and typical of class members, and who will direct and oversee the litigation on behalf of the putative class. Any member of the putative class may, through counsel of his or her choosing, ask the court to serve as lead plaintiff, or he or she may choose to do nothing and remain an absent class member. Your ability to share in any relief will not be affected by your decision to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding American Airlines’ conduct, including whistleblowers, former employees, shareholders and others, to contact the firm.
Learn more about the American Airlines Class action lawsuit, go to www.faruqilaw.com/AAL or Call Faruqi & Faruqi Partner Josh Wilson direct at 877-247-4292 or 212-983-9330 (extension 1310).
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