Former Louisiana boss issues shareholder warning for American Airlines

NEW ORLEANS, July 23, 2024 (GLOBE NEWSWIRE) — Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Louisiana Attorney General Charles C. Foti, Jr., remind investors that they have until 16 September 2024 to file lead plaintiff motions in a class action lawsuit against American Airlines Group Inc. (NasdaqGS: AAL) if they purchased the Company’s securities between January 25, 2024 and May 28, 2024, inclusive (the “Class Period”). This action is pending in the U.S. District Court for the Northern District of Texas.

What you can do

If you purchased American Airlines securities and would like to discuss your legal rights, how this case affects you and your right to recover your economic loss, you may contact Lewis Kahn, Managing Partner at KSF, at no obligation or cost, toll-free at 1-877-515-1850 or via email ([email protected]) or visit https://www.ksfcounsel.com/cases/nasdaqgs-aal/ to learn more. If you wish to serve as lead plaintiff in this class action, you must move the Court by 16 September 2024.

About the lawsuit

American Airlines and certain of its executives are accused of failing to disclose material information during the Class Period, thereby violating federal securities laws.

On May 28, 2024, the company announced the termination of its Executive Vice President and Chief Commercial Officer, Vasu S. Raja, without notice. This was accompanied by an abrupt reduction in its near-term guidance, including a full percentage point cut in operating margin and more than 17% cut in adjusted earnings per share for the quarter, which the company attributed to declining consumer bookings, a domestic supply-demand imbalance and lower capacity growth.

On this news, American Airlines’ stock price 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.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s leading boutique securities litigation firms. KSF serves a wide range of clients – including public institutional investors, hedge funds, asset managers and individual investors – in recovering investment losses resulting from corporate fraud or abuse of authority by publicly traded companies. KSF maintains offices in New York, Delaware, California, Louisiana and New Jersey.

To learn more about KSF, visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163