LOS ANGELES, Feb. 20, 2009 (GLOBE NEWSWIRE) -- Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of a class consisting of all persons or entities who purchased or otherwise acquired the securities of American Express Company ("American Express" or the "Company") (NYSE:AXP), between March 1, 2007 and November 12, 2008, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at http://www.glancylaw.com.
The Complaint charges American Express and certain of the Company's executive officers with violations of federal securities laws. American Express is currently the world's largest issuer of charge cards and credit cards as measured by purchase volume. engages in the communications business in North America and Europe. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning the Company's business, operations, and prospects were materially false and misleading. Specifically, the Complaint alleges that defendants' public statements, among other things, misled investors by falsely representing American Express's exposure to the riskiest credit card holders and failed to disclose the Company's increasing reliance on riskier credit card programs.
On November 10, 2008, the Company won Federal Reserve System approval to convert to a bank holding company, making it eligible for government help under the Troubled Assets Relief Program ("TARP"). The new American Express bank 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. As a result of the Company's shift to risky card issuances, American Express stock has plunged approximately 65% since March 2007.
Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the class described above, you may move the Court, no later than sixty days from today, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, or Richard A. Maniskas, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.