SAN DIEGO, Aug. 31, 2024 (GLOBE NEWSWIRE) — The law firm of Robbins Geller Rudman & Dowd LLP announces that it has filed a class action lawsuit seeking to represent purchasers of American Airlines Group Inc. (NASDAQ: AAL) common stock between July 20, 2023 and May 28, 2024, inclusive (the “Class Period”). Captioned Thornburg v. American Airlines Group Inc., No. 24-cv-00823 (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. A previously filed complaint is captioned Qawasmi v. American Airlines Group Inc., No. 24-cv-00673 (N.D. Tex.).
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.
CASE ALLEGATIONS: American Airlines operates as a network air carrier, which provides scheduled air transportation services for passengers and cargo through its hubs.
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: (i) the new distribution capability sales strategies that American Airlines adopted were not sustainable because they alienated travel agencies and the corporate customers who were among the airlines’ highest spending customers, drove away lucrative corporate customers, and ultimately diminished American Airlines’ revenues; and (ii) as a result, American Airlines’ business metrics and financial prospects were not as strong as indicated in its Class Period statements.
On May 28, 2024, American Airlines reported that it was parting ways with its Senior Vice President and Chief Commercial Officer, defendant Vasu S. Raja, the executive behind American Airlines’ efforts to revamp American Airlines’ sales approaches in order to increase profitability to address the massive debt American Airlines had taken on during the Covid-19 pandemic. American Airlines also reported its first quarter 2024 financial results, disclosing that it had swung to a huge loss, despite having achieved record-breaking revenues, and further revealed that American Airlines was slashing its second quarter 2024 financial guidance, stating that it only expected adjusted earnings of $1.00 to $1.15 per share, down from its previous range of $1.15 to $1.45 per share. American Airlines also announced that its second quarter 2024 operating margin would come in approximately 1 percentage point lower than it had previously promised, as revenue per available seat mile was then tracking well below American Airlines’ previous outlook. On this news, the price of American Airlines common stock fell more than 13%, damaging investors.
The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. You can view a copy of the complaint by clicking here.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased American Airlines common stock 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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