The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of American Express Company (NYSE:AXP) shares was initiated over potential breaches of fiduciary duties by certain officers and directors at American Express.
Investors who purchased shares of American Express Company (NYSE:AXP) and currently hold any of those NYSE:AXP shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain American Express officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
The U.S. Department of Justice (“DOJ”) and certain states’ attorneys general have brought an action against American Express Company alleging that the provisions in its Card acceptance agreements with merchants that prohibit merchants from discriminating against its Card products at the point of sale (“anti-steering” and “non-discrimination” contractual provisions) violate the U.S. antitrust laws. The complaint sought a judgment permanently enjoining American Express Company from enforcing these contractual provisions. On February 19, 2015, the trial court found that the challenged provisions were anticompetitive and will now determine the scope of the remedy when it enters judgment in the case.
American Express Company reported that its annual Total Revenue rose from over $33.78 billion in 2012 to over $35.89 billion in 2014 and that its respective Net Income increased from over $4.48 billion in 2012 to over $5.77 billion in 2014. Shares of American Express Company (NYSE:AXP) declined from $95.84 per share in Jule 2014, respectively $94.29 per share in December 2014 to as low as $76.53 per share in April 2015.
Those who purchased shares of American Express Company (NYSE:AXP), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com