San Diego, CA -- (SBWire) -- 08/11/2015 --An investor in shares of American Express Company (NYSE:AXP), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by American Express Company.
Investors who purchased shares of American Express Company (NYSE:AXP) have certain options and for certain investors are short and strict deadlines running. Deadline: September 28, 2015. NYSE:AXP investors should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of American Express Company (NYSE:AXP) common shares between October 16, 2014 and February 11, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between October 16, 2014 and February 11, 2015, defendants issued allegedly false and misleading statements and/or allegedly failed to disclose material adverse information regarding American Express Company's business and prospects, including the status 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 impact of that agreement on AmEx's business and that as a result of these allegedly false and misleading statements and/or omissions between October 16, 2014 and February 11, 2015, American Express Company stock traded at allegedly artificially inflated prices, reaching a high of nearly $95 per share on December 29, 2014.
On February 12, 2015, American Express Company announced that it had lost the U.S. Costco co-branding relationship. American Express Company disclosed that the U.S. Costco co-branding agreement generated 8% of the Company's revenues in 2014, that one in ten U.S. AmEx cards had been issued pursuant to the U.S. Costco co-branding arrangement and that 20% of its outstanding loans had been made pursuant to that agreement. American Express Company stated that the Company's 2015 and 2016 profits would suffer and that American Express Company would not be able to make any headway on its previous efforts to increase earnings per share until 2017 at the very earliest.
Those who purchased shares of American Express Company (NYSE:AXP) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
American Express Company (NYSE:AXP) Shareholder Alert: Lawsuit Alleges Misleading Statements
A lawsuit was filed on behalf of investors in American Express Company (NYSE:AXP) shares over alleged securities laws violations and NYSE:AXP investors should contact the Shareholders Foundation.