NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP reminds investors 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.
[Click here to learn more about the class action]
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.
If you purchased or otherwise acquired American securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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