Saturday, September 7, 2024 ClaimsFiler, a free service providing shareholder information, is reminding American Airlines Group Inc. (NasdaqGS: AAL) investors that they have until September 16, 2024 , to file lead plaintiff applications in securities class action lawsuits. The lawsuits pertain to investors who purchased American Airlines’ securities between July 20, 2023 , and May 28, 2024 (the “Class Period”).
The actions are being heard in the United States District Court for the Northern District of Texas . American Airlines and certain executives are being accused of withholding important information during the Class Period, thus violating federal securities laws. On May 28, 2024 , the company announced the termination of Executive Vice President and Chief Commercial Officer, Vasu S.
Raja , and reported a downward revision of short-term guidance. This included a reduction of operating margin by 1% and a decrease in adjusted earnings per share for the quarter by more than 17% . The company attributed these changes to lower consumer bookings, a supply-demand imbalance, and slower capacity growth.
Following this news, the stock price dropped by 13.5% , falling from $13.44 per share on May 28, 2024, to $11.
62 per share on May 29, 2024. Two lawsuits have been filed, the first being Qawasmi v. American Airlines Group Inc.
, et al., 24-cv-0673 , followed by Thornburg v. American Airlines Group Inc.
, et al., 24-cv-823 , which expanded the class period..