Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against American Airlines Group Inc. (AAL)

/EIN News/ -- LOS ANGELES, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming September 16, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired American Airlines Group Inc. (“American Airlines” or the “Company”) (NASDAQ: AAL) securities between January 25, 2024 to May 28, 2024, inclusive (the “Class Period”).

If you suffered a loss on your American Airlines investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/American-Airlines-Group-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On May 28, 2024, after the market closed, American Airlines announced that its Chief Commercial Officer was departing. Additionally, the Company disclosed that it was lowering its guidance. In an industry conference the following day, May 29, 2024, the Company’s CEO stated that the Company’s “expectation for domestic performance has worsened materially since [it] provided guidance in April,” and that the revision “is largely due to a softer domestic environment than [the Company was] expecting and [its] performance within that environment.”

On this news, American Airlines’ stock price fell $1.82, or 13.5%, to close at $11.62 per share on May 29, 2024, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company’s reports of growth relied far too heavily on inflated demand assumptions allegedly stemming from the implemented changes to their sale and distribution strategy which had downsized the Company’s sales and distribution channels to redirect consumers solely to their online platform; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired American Airlines securities during the Class Period, you may move the Court no later than September 16, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com