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SAN FRANCISCO, Aug. 06, 2015 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, advises investors of the September 28, 2015 lead plaintiff deadline in the securities fraud class action lawsuit filed against American Express Company (NYSE:AXP) (“American Express” or “the Company”) over the failure to provide information regarding its dealings with Costco. If you have losses in American Express securities during the Class Period contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling (510) 725-3000, emailing AXP@hbsslaw.com or visiting http://hb-securities.com/investigations/AXP.
The lawsuit, pending in U.S. District Court for the Southern District of New York, is filed on behalf of investors who purchased American Express securities between October 16, 2014 and February 11, 2015, inclusive, (the “Class Period”). No class has been certified in this case. The deadline to move for the position of lead plaintiff in the case is September 28, 2015. You do not need to move for lead plaintiff to be a member of the Class or to participate in any recovery.
In September 2014, American Express announced that it was ending its co-branding relationship with Costco Canada. Then on February 12, 2015, American Express announced that it had lost the U.S. Costco co-branding relationship, which generated 8% of the Company’s revenues in 2014 and that one in ten U.S. Amex cards was issued pursuant to the U.S. Costco co-branding arrangement. Additionally, 20% of the Company’s outstanding loans had been made pursuant to that agreement. As a result, American Express predicted that its 2015 and 2016 profits would suffer and it would not be able to make any headway on its previous efforts to increase earnings per share until 2017.
On this adverse news, the price of American Express stock fell $7.87, more than 9%, to close at $77.55 on February 13, 2015. The complaint alleges that Defendants issued false and misleading statements and failed to disclose material adverse information regarding the Company’s business and prospects, including the materiality and status of its negotiations with Costco.
If you were negatively impacted by your investment in American Express securities between October 16, 2014 and February 11, 2015, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.
Whistleblowers: Persons with non-public information regarding American Express should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the SEC whistleblower program, whistleblowers who provide original information may receive rewards up to 30 percent of any successful recovery made by the SEC. For more information concerning your whistleblower options, call Reed Kathrein at (510) 725-3000 or email AXP@hbsslaw.com.
Hagens Berman is headquartered in Seattle, Washington with offices in nine cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter at http://www.hb-securities.com/newsletter, and visit the blog at www.meaningfuldisclosure.com. For the latest news visit http://www.hbsslaw.com/newsroom or follow us on Twitter at @hagensberman.
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