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American Express Company (NYSE: AXP) Investor Securities Class Action Lawsuit 02/20/2009

  • If you purchased shares of American Express Company (NYSE: AXP), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
American Express Company
Security
NYSE: AXP

Case Name
American Express Company Shareholder Class Action Lawsuit 02/20/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 27, 2011 - The U.S. Court of Appeals for the Second Circuit affirmed the judgment of the District Court.
August 17, 2010 - The lead plaintiff filed a notice of appeal.

July 19, 2010 - The court granted defendants' motion to dismiss and closed the case.

November 20, 2009 - Defendants filed a motion to dismiss.

October 13, 2009 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased American Express Company (NYSE: AXP) common shares between January 22, 2007 and November 12, 2008. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 22, 2007 and November 12, 2008.

August 14, 2009 - Lead plaintiff and lead counsel were appointed.

April 21, 2009 - Lead plaintiff motions were filed.

April 2, 2009 - The plaintiff of the first complaint filed a notice of voluntary dismissal without prejudice.

March 27, 2009 - Another investor filed a complaint.

February 20, 2009 - 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 on behalf of all persons or entities who purchased or otherwise acquired the securities of American Express Company (NYSE: AXP), between March 1, 2007 and November 12, 2008, over alleged Federal Securities Laws violations by American Express Company and certain of the Company's executive officers.

According to the complaint the plaintiff alleges that American Express Company (NYSE: AXP) and certain of its executive officers violated federal securities laws. The Complaint alleges that between March 1, 2007 and November 12, 2008 American Express Company (NYSE: AXP) and certain of its executive officers knew or recklessly disregarded that their public statements concerning the its business, operations, and prospects were materially false and misleading. Specifically, the plaintiff alleges that American Express Company public statements, among other things, misled investors by falsely representing American Express company's exposure to the riskiest credit card holders and failed to disclose the its increasing reliance on riskier credit card programs.

Then on November 10, 2008, American Express Company obtained Federal Reserve System approval to convert to a bank holding company, making it eligible for government help under the Troubled Assets Relief Program. The American Express Company bank holding company could qualify for up to $3.5 billion of the Treasury Department's money-a capital infusion required to save the Company from its riskier endeavors and as a result of the its shift to risky card issuances, American Express Company stock (NYSE: AXP) has plunged approximately 65% since March 2007, so the lawsuit.