NEW YORK, July 31, 2015 /PRNewswire/ -- Bernstein
Liebhard LLP today alerts investors that a class action has been
commenced in the United States District Court for the Southern
District of New York on behalf of
purchasers (the "Class") of common stock of American Express
Company ("AmEx" or the "Company") (NYSE: AXP) during the period of
October 16, 2014 and February 11, 2015 (the "Class Period") alleging
violations of Sections 10(b) and 20(a) of the Securities Exchange
Act of 1934 against the Company and certain of its officers (the
"Complaint").
The Complaint alleges that during the Class Period, defendants
made false and misleading statements and/or failed to disclose
materially adverse information regarding AmEx's business,
prospects, and operations. Specifically, the Complaint
alleges the Company failed to disclose that it accelerated contract
negotiations with Costco U.S. to renew its co-branding agreement,
which was set to expire on March 31,
2016, the status of those negotiations, and the
financial impact of that agreement on AmEx's business.
On February 12, 2015, AmEx
announced that it had lost the U.S. Costco co-branding relationship
and that the financial impact of that loss would be severe.
AmEx disclosed that the Costco U.S. co-branding agreement generated
8% of the Company's revenues in 2014, that one in ten U.S. AmEx
cards had been issued pursuant to the Costco U.S. co-branding
arrangement and that 20% of its outstanding loans had been made
pursuant to that agreement. Finally, as a result of the loss
of the Costco U.S. co-branding agreement, AmEx stated that the
Company's 2015 and 2016 profits would suffer and that the Company
would not be able to make any headway on its previous efforts to
increase earnings per share until 2017 at the very
earliest.
Following this news, the price of AmEx common stock fell from a
close of $85.40 per share on
February 11, 2015, to close at
$77.53 per share on February 13, 2015, a decline of nearly
$8 per share.
Plaintiffs seek to recover damages on behalf of all Class
members who invested in AmEx common stock during the Class
Period. If you invested in AmEx common stock as described
above, and either lost money on the transaction or still hold the
security, you may wish to join in this action to serve as lead
plaintiff. In order to do so, you must meet certain
requirements set forth in the applicable law and file appropriate
papers no later than September 28,
2015.
A "lead plaintiff" is a representative party that acts on behalf
of other class members in directing the litigation. In order
to be appointed lead plaintiff, the court must determine that the
class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members
may together serve as lead plaintiff. Your ability to share
in any recovery is not, however, affected by the decision whether
or not to serve as a lead plaintiff. You may retain Bernstein
Liebhard LLP, or other counsel of your choice, to serve as your
counsel in this action.
If you are interested in discussing your rights as an AmEx
shareholder and/or have information relating to the matter, please
contact Joseph R. Seidman, Jr. at
(877) 779-1414 or seidman@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities,
consumer and shareholder rights cases and recovered over
$3 billion for its clients. The
National Law Journal has recognized Bernstein Liebhard for
twelve consecutive years as one of the top plaintiffs' firms in the
country.
You can obtain a copy of the complaint from the clerk of the
court for the United States District Court for the Southern
District of New York.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2015 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
seidman@bernlieb.com
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