American Airlines Group Inc.
Case Overview
34 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 09/16/2024 |
Status: | Status: Investigating |
Company Name: | Company Name: American Airlines Group Inc. |
Court: | Court: Northern District of Texas |
Case Number: | Case Number: 4:24cv00673 |
Class Period: | Class Period: 01/25/2024 - 05/28/2024 |
Ticker: | Ticker: AAL |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP announces 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 acquired American Airlines Group Inc. (“American” or the “Company”) (NASDAQ: AAL) securities during the period of January 25, 2024 through May 28, 2024 inclusive (“the Class Period”). Investors have until September 16, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On May 28, 2024, American made an announcement stating that there would be an abrupt reduction in the Company’s short-term guidance and that its Executive Vice President and Chief Commercial Officer, Vasu S. Raja, would be terminated. On this news, the price of American shares declined by $1.82 per share, or approximately 13.5%, from $13.44 per share on May 28, 2024 to close at $11.62 on May 29, 2024.
The lawsuit alleges that American made overwhelmingly positive statements to investors regarding the Company’s new sales and distribution strategy to reduce internal expenses while simultaneously driving a significant demand increase for American’s airline services. These statements misrepresented the true state of the Company, and American was simultaneously concealing material adverse facts including, notably, that the Company’s sales and distribution strategy was not driving the revenue projected.
On May 28, 2024, American made an announcement stating that there would be an abrupt reduction in the Company’s short-term guidance and that its Executive Vice President and Chief Commercial Officer, Vasu S. Raja, would be terminated. On this news, the price of American shares declined by $1.82 per share, or approximately 13.5%, from $13.44 per share on May 28, 2024 to close at $11.62 on May 29, 2024.
The lawsuit alleges that American made overwhelmingly positive statements to investors regarding the Company’s new sales and distribution strategy to reduce internal expenses while simultaneously driving a significant demand increase for American’s airline services. These statements misrepresented the true state of the Company, and American was simultaneously concealing material adverse facts including, notably, that the Company’s sales and distribution strategy was not driving the revenue projected.