Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until September 16, 2024 to file lead plaintiff applications in securities class action lawsuits against American Airlines Group Inc. (NasdaqGS: AAL), if they purchased the Company’s securities between July 20, 2023 and May 28, 2024, inclusive (the “Class Period”). These actions are pending in the United States District Court for the Northern District of Texas.
What You May Do
If you purchased securities of American Airlines and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-aal/ to learn more. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by September 16, 2024.
About the Lawsuits
American Airlines and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 28, 2024, the Company disclosed the prompt termination of its Executive Vice President and Chief Commercial Officer, Vasu S. Raja, along with an abrupt reduction in its short-term guidance including cuts to operating margin by a full percentage point and adjusted earnings per share for the quarter by more than 17%, which the Company attributed to a softness in consumer bookings, a domestic supply and demand imbalance, and a reduction in capacity growth.
On this news, the price of American Airlines’ shares fell over 13.5%, from $13.44 per share on May 28, 2024 to $11.62 per share on May 29, 2024.
The case is Qawasmi v. American Airlines Group Inc., et al., 24-cv-0673. A subsequent case, Thornburg v. American Airlines Group Inc., et al., 24-cv-823, expanded the class period.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
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