Zamansky LLC announces its investigation of the American Express Co. (NYSE:AXP)(“Amex”) Retirement Savings Plan (the “Plan”) for possible violations of the federal Employment Retirement Securities Act (“ERISA”). ERISA imposes fiduciary duties to prudently manage and invest the assets of the Plan. These duties were potentially violated by AmEx’s continued offering of its company stock while it allegedly knew that the stock price was artificially inflated.

On July 30, 2015, a class action lawsuit was filed against Amex in the U.S. District Court, Southern District of New York, No. 15-CV-5999, alleging securities fraud. The complaint alleges that from Oct. 16, 2014 and Feb. 11, 2015, Amex made material misrepresentations to investors about the status of the company’s negotiations with Costco over the renewal or lapse of their co-branding agreement. Amex failed to disclose or warn investors that a loss of their partnership -- which was imminent, would have significant financial impact to investors.

When Amex announced that it lost the deal with Costo and its partnership would expire, the company’s stock price suffered a nine-percent drop. According to the complaint, Wall Street analysts lowered future price targets acknowledging the long-term impact to Amex’s future profits.

According to employee stock fraud attorney, Jake Zamansky, Amex’s existing and former employees who purchased and held company stock through the Plan since at least October 16, 2014, have suffered damage and losses to their retirement savings. The allegations about securities fraud by Amex in its public disclosures raise serious issues for Amex Plan participants over the prudent monitoring and oversight of the Plan under ERISA for artificial inflation of the stock price, he states.

What Amex Employees or Former Employees Can Do

If you are an existing or former Amex employee who purchased or held Amex stock through the Retirement Savings Plan, please contact our firm for an evaluation of your rights. You can contact Jake Zamansky by telephone at (212) 742-1414 or by email at jake@zamansky.com.

About Zamansky LLC

Zamansky LLC is a leading stock law firm specializing in securities fraud, ERISA and employment class actions. We are investment fraud attorneys who represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses.

To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com.

Zamansky LLCJake Zamansky, 212-742-1414jake(at)zamansky(dot)com

American Express (NYSE:AXP)
Historical Stock Chart
From Aug 2024 to Sep 2024 Click Here for more American Express Charts.
American Express (NYSE:AXP)
Historical Stock Chart
From Sep 2023 to Sep 2024 Click Here for more American Express Charts.