AMERICAN EXPRESS SHAREHOLDER ALERT BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Reminds Investors With Losses in Excess of $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against American Express Company – AXP


NEW ORLEANS, July 31, 2015 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until September 28, 2015 to file lead plaintiff applications in a securities class action lawsuit against American Express Company (NYSE:AXP) (“Amex”) if they purchased the Company’s securities between October 16, 2014 and February 11, 2015, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.

What You May Do

If you purchased shares of Amex and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by September 28, 2015.

About the Lawsuit

Amex and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws. 

On February 12, 2015, the Company announced that:  (i) it had lost the U.S. Costco co-branding relationship, which had generated 8% of the Company’s revenues in 2014;  (ii) one in ten U.S. Amex cards had been issued pursuant to the U.S. Costco co-branding arrangement; (iii) 20% of its outstanding loans had been made pursuant to that agreement; (iv) as a result, its 2015 and 2016 profits would suffer; and (v) it would not be able to make any headway on its previous efforts to increase earnings per share until 2017. 

On this news, the price of Amex’s shares plummeted.

About Kahn Swick & Foti, LLC

To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.


 


            

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