Saturday, August 24, 2024 ClaimsFiler, a free shareholder information service, is reminding investors that the deadline to file lead plaintiff applications in the securities class action lawsuit against American Airlines Group Inc. (NasdaqGS: AAL) is approaching. Investors who purchased American Airlines securities between January 25, 2024, and May 28, 2024, have until September 16, 2024, to submit their applications.
The lawsuit is currently pending in the United States District Court for the Northern District of Texas. Details of the Lawsuit American Airlines and certain of its executives are accused of failing to disclose crucial information during the Class Period, which constitutes a violation of federal securities laws. On May 28, 2024, the company announced the sudden termination of its Executive Vice President and Chief Commercial Officer, Vasu S.
Raja, alongside a significant downgrade in its short-term financial outlook. This included a reduction in operating margin by a full percentage point and a decrease in adjusted earnings per share for the quarter by over 17%. The company attributed these changes to weakened consumer bookings, an imbalance in domestic supply and demand, and a reduction in capacity growth.
Following this announcement, American Airlines’ stock price dropped by more than 13.5%, from $13.44 per share on May 28, 2024, to $11.
62 per share on May 29, 2024. The case, titled Qawasmi v. American Airlines Group Inc.
, et al. , bears the case number 24-c.