mail@shareholdersfoundation.com
On Friday, February 20, 2009 an investor filed a proposed securities 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 (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.
If you are a long-term investor American Express Company (NYSE: AXP) and / or purchased or otherwise acquired the securities of American Express Company (NYSE: AXP), between March 1, 2007 and November 12, 2008, you have certain options and there are short and strict deadlines running (April 20, 2009). You should contact the Shareholders Foundation, Inc. immediately!
Email: mail@shareholdersfoundation.com
Or call us today: +1 (858) 779 – 1554
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's exposure to the riskiest credit card holders and failed to disclose its increasing reliance on riskier credit card programs. The plaintiff accuses that the defendants repeated such reassurances between March 1, 2007 and November 12, 2008 in order to artificially support American Express' stock price as the building credit crisis in the market punished most companies that dealt with risky customers. On July 21, 2008, after American Express missed analysts' estimates for the second Quarter 2007 and American Express withdrew its 2008 guidance, an analyst from Friedman Billings Ramsey & Co. opined that the greater-than-
Then on November 10, 2008, American Express 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 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 stock (NYSE: AXP) has plunged approximately 65% since March 2007, so the lawsuit.
If you are a long-term investor American Express Company (NYSE: AXP) and / or purchased or otherwise acquired the securities of American Express Company (NYSE: AXP), between March 1, 2007 and November 12, 2008, you have certain options and there are short and strict deadlines running (April 20, 2009). You should contact the Shareholders Foundation, Inc. immediately!
Email: mail@shareholdersfoundation.com
Or call us today: +1 (858) 779 – 1554
or send us your information by mail / facsimile:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-
Fax:+1-(858)-
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com
____________________________________________________________
Photo:
http://www.prlog.org/
