A securities class action has been filed in the USDC — N.D.TX. against American Airlines Group Inc. (AAL) (“American” or the “Company”), on behalf of all persons or entities that purchased or otherwise acquired American common stock between January 25, 2024 and May 28, 2024, both dates inclusive (the “Class Period”).
American Airlines Group Inc. is a Texas corporation with its principal executive offices located at 1 Skyview Drive, Fort Worth, TX 76155. During the Class Period, the Company’s common stock traded on the NASDAQ Stock Market (the “NASDAQ”) under the symbol “AAL.” American, through wholly-owned subsidiaries and third-party regional carriers under the American Eagle banner, operates as a network air carrier, providing scheduled air transportation passenger and cargo services throughout the US and in various other countries around the world.
During the class period, defendants made overwhelmingly positive statements to investors regarding American’s new sales and distribution strategy to reduce internal expenses while simultaneously driving a significant demand increase for the Company’s airline services. The Complaint alleges that these statements misrepresented the true state of American, and that the Company was simultaneously concealing material adverse facts including, notably, that the Company’s sales and distribution strategy was not driving the revenue projected.
Following the May 28, 2024 announcement of an abrupt reduction in the Company’s short-term guidance and the termination of its Executive Vice President and Chief Commercial Officer, Vasu S. Raja, the price of American’s common stock declined dramatically. From a closing market price of $13.44 per share on May 28, 2024, American’s stock price fell to $11.62 per share on May 29, 2024, a decline of more than 13.5% in the span of a single day.
If you purchased American common stock during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.
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Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.