Chetan Deb
Saturday, July 20, 2024
Reading Time: 2 minutes
Pomerantz announce the filing of a class action lawsuit against American Airlines Group Inc. Investors who have purchased shares of the Company are encouraged to participate. Those who wish to join the lawsuit should contact Danielle Peyton at. Email inquiries should include the sender’s mailing address, telephone number, and the number of shares purchased.
Pomerantz LLP announces the filing of a class action lawsuit against American Airlines Group Inc. should include the sender’s mailing address, telephone number, and the number of shares purchased.
On May 28, 2024, American Airlines announced the termination of its Executive Vice President and Chief Commercial Officer, Vasu S. Raja, and abruptly lowered its short-term guidance. During a conference presentation on May 29, 2024, the Company cited reduced guidance due to a decline in consumer bookings, an imbalance in domestic supply and demand, and a slowdown in capacity growth. The reduced consumer bookings were attributed to changes in American’s sales and distribution strategy and a failure to effectively execute its business strategy. The Company announced plans to adjust its strategy to win back customers. Consequently, American lowered its second quarter fiscal year 2024 projections, reducing operating margin projections by a full percentage point and adjusted earnings per share by over 17%.
As a result of this announcement, American Airlines’ stock price dropped by $1.82 per share, or 13.54%, closing at $11.62 per share on May 29, 2024.
Pomerantz LLP, operating from offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is esteemed as a top firm in corporate, securities, and antitrust class litigation. Established by the late Abraham L. Pomerantz, known as the dean of the class action bar, the firm pioneered securities class actions. Over 85 years later, Pomerantz remains dedicated to his legacy, defending the rights of victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has successfully recovered billions of dollars in damages for class members.
