| COMPANY |
American Airlines Group Inc. |
| COURT |
United States District Court for the Northern District of Texas |
| CASE NUMBER |
24-cv-00673 |
| JUDGE |
The Hon. Terry R. Means |
| CLASS PERIOD |
January 25, 2024 through May 28, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS SEPTEMBER 16, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
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 is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.