The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired American Airlines Group Inc. (“American Airlines” or the “Company”) (NASDAQ: AAL) securities between January 25, 2024 to May 28, 2024, inclusive (the “Class Period”). American Airlines investors have until September 16, 2024 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On May 28, 2024, after the market closed, American Airlines announced that its Chief Commercial Officer was departing. Additionally, the Company disclosed that it was lowering its guidance. In an industry conference the following day, May 29, 2024, the Company’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’ stock price fell $1.82, or 13.5%, to close at $11.62 per share on May 29, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company’s reports of growth relied far too heavily on inflated demand assumptions allegedly stemming from the implemented changes to their sale and distribution strategy which had downsized the Company’s sales and distribution channels to redirect consumers solely to their online platform; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased American Airlines securities during the Class Period, you may move the Court no later than September 16, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased American Airlines securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240722500595/en/
The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of American Airlines Group Inc. (AAL) Investors
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
info@frankcruzlaw.com
www.frankcruzlaw.com
