American Airlines Group Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
CASE ALLEGATIONS: American Airlines operates as a major airline network, offering scheduled flights for passengers and cargo through its hub airports.
The class action lawsuit against American Airlines claims that during the Class Period, the defendants made misleading statements and failed to disclose critical information. Specifically, the lawsuit alleges that: (i) the new sales strategies implemented by American Airlines were unsustainable because they alienated travel agencies and high-spending corporate customers, leading to a loss of these valuable clients and ultimately reducing the airline’s revenue; and (ii) as a result, the company’s business performance and financial outlook were not as strong as suggested in its statements during the Class Period.
On May 28, 2024, American Airlines announced the departure of its Senior Vice President and Chief Commercial Officer, Vasu S. Raja, who had been leading the airline’s efforts to overhaul its sales strategies to boost profitability amid the significant debt incurred during the Covid-19 pandemic. The company also reported its first quarter 2024 financial results, revealing a substantial loss despite record-breaking revenue. Furthermore, American Airlines downgraded its financial guidance for the second quarter of 2024, now expecting adjusted earnings of $1.00 to $1.15 per share, down from the previous range of $1.15 to $1.45 per share. The company also indicated that its second quarter 2024 operating margin would be about 1 percentage point lower than initially projected, with revenue per available seat mile falling short of earlier expectations. Following this announcement, American Airlines’ stock price dropped over 13%, negatively impacting investors.
