American Airlines investors who purchased the company’s securities between July 20, 2023, and May 28, 2024, have until September 16th to file lead plaintiff applications in class action lawsuits alleging the company withheld important information, resulting in a significant stock price drop. The lawsuits stem from American Airlines’ announcement of the termination of its Chief Commercial Officer and a downward revision of its short-term guidance.
Results for: Securities Fraud
A class action lawsuit has been filed against American Airlines, alleging that the company misrepresented its financial performance and sales strategy. Investors who purchased American Airlines securities during the class period may be eligible for compensation. The Rosen Law Firm, a leading securities class action law firm, is representing the plaintiffs.
Faruqi & Faruqi, LLP, a leading securities law firm, is investigating potential claims against DexCom, Inc. The firm alleges that DexCom misled investors about its salesforce’s ability to meet growth expectations. Following a significant drop in stock price after DexCom announced reduced revenue guidance, investors who suffered losses exceeding $100,000 are encouraged to contact the firm.
The Supreme Court has declined to review Elon Musk’s appeal of a settlement agreement with the Securities and Exchange Commission (SEC) that requires him to have certain social media posts about Tesla pre-approved by a company lawyer. The SEC had accused Musk of securities fraud following a 2018 tweet where he stated that he had acquired funding to take Tesla private, causing a spike in the company’s stock price. The tweet was deemed to be “false and misleading,” resulting in Musk being ordered to step down as Tesla’s chairman and pay a $20 million fine. The pre-approval requirement was also imposed to ensure the accuracy of Musk’s public statements.
Regulators in Colorado have filed a lawsuit against a restaurant group and a broker, alleging that they misled investors and duped them out of $380,000 after floating a nationwide expansion plan for a fast-casual Indian restaurant chain. The lawsuit alleges that the defendants used ‘half-truths and lies’ to convince investors to buy into a plan for a vast franchise network, promising returns as high as 2,900% and guaranteed quarterly dividends of 8%. However, after the sole Saucy Bombay location closed in 2015, the defendants allegedly continued seeking investments without disclosing the closure. None of the 17 investors received any dividends, and the state alleges that the restaurant group never intended to franchise the restaurant and instead used investor money for operating costs and other expenses. The lawsuit accuses the defendants of violating state securities laws by misleading investors, selling unregistered securities, and, in one case, selling securities without a license.
A class action lawsuit has been filed against Autodesk Inc. (ADSK) alleging that the company made materially false and misleading statements about its internal controls and financial performance during the period between June 1, 2023, and April 16, 2024. The lawsuit claims that Autodesk lacked adequate internal controls, leading to issues with its free cash flow and non-GAAP operating margin practices. As a result, the company’s statements about its business and prospects were allegedly false and misleading.