SAN DIEGO, July 20, 2024 (GLOBE NEWSWIRE) — The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of American Airlines Group Inc. (NASDAQ: AAL) securities between January 25, 2024 and May 28, 2024, both dates inclusive (the “Class Period”), have until September 16, 2024 to seek appointment as lead plaintiff of the American Airlines class action lawsuit. Captioned Qawasmi v. American Airlines Group Inc., No. 24-cv-00673 (N.D. Tex.), the American Airlines class action lawsuit charges American Airlines and certain of American Airlines’ top current and former executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the American Airlines class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-american-airlines-group-inc-class-action-lawsuit-aal.html
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the American Airlines class action lawsuit must be filed with the court no later than September 16, 2024.
CASE ALLEGATIONS: American Airlines, through wholly-owned subsidiaries and third-party regional carriers under the American Eagle banner, operates as a network air carrier, providing scheduled air transportation passenger and cargo services throughout the United States and in various other countries around the world.
The American Airlines class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that American Airlines’ sales and distribution strategy was not driving the revenue projected and instead, was actually driving customers away from American Airlines as the strategy and its attested poor execution made it more difficult for customers to access American Airlines’ services.
The American Airlines class action lawsuit further alleges that on May 28, 2024, after the market closed, American Airlines reported the prompt termination of its Executive Vice President and Chief Commercial Officer, Vasu S. Raja, along with an abrupt reduction in its short-term guidance. During a conference presentation on May 29, 2024, American Airlines attributed its lowered guidance to a softness in consumer bookings, a domestic supply and demand imbalance, and a reduction in capacity growth, according to the complaint. The complaint further alleges that defendants announced that the reduced consumer bookings were significantly due to the changes American Airlines made to their sales and distribution strategy, that they did not execute their strategy properly, and that they will now be modifying their strategy in an attempt to recapture the customers their strategy drove away. As a result, defendants reduced their second quarter fiscal year 2024 projections, notably cutting their projections for American Airlines’ operating margin by a full percentage point and adjusted earnings per share for the quarter by more than 17%, according to complaint. On this news, the price of American Airlines stock declined by more than 13% on May 29, 2024, according to the American Airlines class action lawsuit.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired American Airlines securities during the Class Period to seek appointment as lead plaintiff in the American Airlines class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the American Airlines class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the American Airlines class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the American Airlines class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
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Contact:
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
info@rgrdlaw.com
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