| Company: | American Express |
| Ticker Symbol: | AXP |
| Class Period: | Mar-1-07 to Nov-12-08 |
| Date Filed: | Feb-20-09 |
| Lead Plaintiff Deadline: | Apr-21-09 |
| Court: | Southern District of New York |
| Allegations: | |
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 the its increasing reliance on riskier credit card programs.
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 acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
