Pomerantz LLP accuses American Airlines of a class action lawsuit

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Pomerantz announce the filing of a class action lawsuit against American Airlines Group Inc. Investors who purchased shares of the company are encouraged to participate. Those who wish to join the lawsuit should contact Danielle Peyton at. Email inquiries should include the sender’s mailing address and phone number, as well as the number of shares purchased.

Pomerantz LLP announces the filing of a class action lawsuit against American Airlines Group Inc. The lawsuit should include the sender’s mailing address and phone number, as well as the number of shares purchased.

On May 28, 2024, American Airlines announced the firing of its Executive Vice President and Chief Commercial Officer Vasu S. Raja and abruptly lowered its near-term forecast. During a conference presentation on May 29, 2024, the company justified the reduced forecast by citing a decline in private bookings, an imbalance between domestic supply and demand, and a slowdown in capacity growth. The lower private bookings were attributed to changes in American’s sales and distribution strategy and poor execution of its business strategy. The company announced plans to adjust its strategy to win back customers. As a result, American lowered its forecasts for the second quarter of fiscal 2024, reducing operating margin forecasts by a full percentage point and adjusted earnings per share by over 17%.

As a result This announcement saw American Airlines’ stock price fall $1.82 per share, or 13.54%, to close at $11.62 per share on May 29, 2024.

Pomerantz LLP, which operates from offices in New York, Chicago, Los Angeles, London, Paris and Tel Aviv, is considered a leading corporate, securities and antitrust class action litigation firm. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the firm pioneered securities class action litigation. Over 85 years later, Pomerantz remains true to its legacy, defending the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm has successfully obtained billions of dollars in damages for class action members.