SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of American Express Company – AXP
NEW YORK, NY / CRWEPRESSRELEASE / August 3, 2015 / Pomerantz LLP is investigating claims on behalf of investors of American Express Company (“American Express” or the “Company”) (NYSE: AXP). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether American Express and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On February 12, 2015, American Express announced that it had lost the U.S. Costco co-branding relationship and that the financial impact of the loss would be severe. The company disclosed that the co-branding agreement had generated 8 percent of the company’s 2014 revenues and accounted for the issuance of one in ten American Express cards in the United States, and that 20 percent of the company’s outstanding loans had been made pursuant to that agreement. American Express stated that the company’s 2015 and 2016 profits would suffer and that the loss of the co-branding agreement was a significant setback for the company’s efforts to increase earnings per share, which were unlikely to increase until 2017 at the very earliest.
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 Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.