RADNOR, Pa., July 20, 2024 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Northern District of Texas against American Airlines Group Inc. (“American Airlines”) (NASDAQ: AAL). The action charges American Airlines with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of American Airlines’s materially misleading statements and omissions to the public, American Airlines’s investors have suffered significant losses. The lead plaintiff deadline is September 16, 2024.
If you suffered American Airlines losses, you may CLICK HERE or go to: https://www.ktmc.com/new-cases/american-airlines-group-inc?utm_source=PR&utm_medium=link&utm_campaign=aal&mktm=r
You can also contact attorney Jonathan Naji, Esq. of Kessler Topaz by calling (484) 270-1453 or by email at info@ktmc.com.
DEFENDANTS’ ALLEGED MISCONDUCT
The Class Period begins on January 25, 2024, when Defendants held an earnings call during which CEO, President, and Director Robert D. Isom provided the following outlook for fiscal year 2024: “Over the past year, we have made changes to our distribution strategy to give customers direct improved access to our best products and enable American to provide better customer service to the individual traveler. We're very encouraged by the results.”
The complaint alleges that, throughout the Class Period, Defendants made false and misleading statements regarding American Airlines’s new sales and distribution strategy to reduce internal expenses while simultaneously driving a significant demand increase for American Airlines’s services. The complaint further alleges that these statements misrepresented the true state of American Airlines, and that American Airlines was simultaneously concealing material adverse facts including, notably, that American Airlines’ s sales and distribution strategy was not driving projected revenue.
On May 28, 2024, after the market closed, American Airlines announced that its CCO was departing, and disclosed that the company was lowering its guidance. In an industry conference the following day, May 29, 2024, American Airlines’s CEO stated that the company’s “expectation for domestic performance has worsened materially since [it] provided guidance in April,” and that the revision “is largely due to a softer domestic environment than [the Company was] expecting and [its] performance within that environment.”
On this news, American Airlines’s stock price fell $1.82, or 13.5%, to close at $11.62 per share on May 29, 2024.
WHAT CAN I DO?
American Airlines investors may, no later than September 16, 2024, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member Kessler Topaz Meltzer & Check, LLP encourages American Airlines investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint, Qawasmi v. American Airlines Group Inc., et al., Case No. 24-cv-00673, is filed in the United States District Court for the Northern District of Texas and assigned to the Honorable Terry R. Means.
CLICK HERE TO SIGN UP FOR THE CASE OR GO TO: https://www.ktmc.com/new-cases/american-airlines-group-inc?utm_source=PR&utm_medium=link&utm_campaign=aal&mktm=r
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
info@ktmc.com
May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.
