TRADING ALERT: Rosen Law Firm Reminds American Express Company Investors of Important Deadline in Class Action
August 21 2015 - 5:46PM
Business Wire
Rosen Law Firm, a global investor rights firm, reminds
purchasers of American Express Company common stock (NYSE:AXP) from
October 16, 2014 through February 11, 2015, of the important
September 28, 2015 lead plaintiff deadline in the class action. The
lawsuit seeks to recover investors’ losses under the federal
securities laws.
To join the American Express class action, visit the firm’s
website at http://www.rosenlegal.com/cases-690.html, or contact
Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or
via email at pkim@rosenlegal.com or kchan@rosenlegal.com for
information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A
CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN
AN ABSENT CLASS MEMBER.
The complaint alleges that Defendants issued false and
misleading statements concerning American Express’ business and
prospects, including the position of its negotiations with U.S.
Costco to renew its co-branding agreement, which was set to expire
on March 31, 2016 and the financial repercussions of that agreement
on American Express’ business. Consequently, American Express’
stock traded at artificially elevated prices, reaching a peak of
almost $95 per share on December 29, 2014.
On February 12, 2015, American Express revealed that it had lost
the U.S. Costco co-branding relationship, and that the financial
cost of that loss would be severe. American Express announced that
the U.S. Costco co-branding agreement accounted for 8% of the
Company’s revenues in 2014, and that one in ten U.S. American
Express cards were issued pursuant to the U.S. Costco co-branding
arrangement. Additionally, 20% of its outstanding loans were made
pursuant to that agreement. Lastly, because of the expiration of
the U.S. Costco co-branding agreement, American Express stated that
its 2015 and 2016 profits would suffer, and that it would be unable
to make any progress on its prior efforts to boost earnings per
share until 2017. Thus, American Express’ stock price dropped from
a close of $85.40 per share on February 11, 2015, to close at
$77.53 per share on February 13, 2015, a decrease of almost $8 per
share.
If you wish to serve as lead plaintiff, you must move the Court
no later than September 28, 2015. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. If you wish to join the litigation go to
the firm’s website at http://www.rosenlegal.com/cases-690.html or
to discuss your rights or interests regarding this class action,
please contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen
Law Firm toll-free at 866-767-3653 or via e-mail at
pkim@rosenlegal.com or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
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version on businesswire.com: http://www.businesswire.com/news/home/20150821005706/en/
The Rosen Law Firm, P.A.Laurence Rosen, Esq.Phillip Kim,
Esq.Kevin Chan, Esq.275 Madison Avenue, 34th FloorNew York, NY
10016Tel: (212) 686-1060Toll Free: (866) 767-3653Fax: (212)
202-3827lrosen@rosenlegal.compkim@rosenlegal.comkchan@rosenlegal.comwww.rosenlegal.com
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