Did you lose money on investments in Spirit AeroSystems? If so, please visit Spirit AeroSystems Holdings, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, May 05, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Spirit AeroSystems Holdings, Inc. (“Spirit” or the “Company”) (NYSE: SPR) between April 8, 2020 and April 13, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934.
Spirit is a non-Original Equipment Manufacturer that serves markets for commercial airplanes, military platforms, and business/regional jets. The Company’s core products include fuselages, integrated wings and wing components, pylons, and nacelles. Spirit’s largest customer is Boeing Co. (“Boeing”). Spirit and Boeing have long-term supply agreements under which Spirit provides products for several Boeing aircrafts, including the B737. Among other provisions, the supply agreements cover the life of the aircraft programs.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (1) Spirit lacked effective production quality controls; (2) as a result, Spirit incorrectly installed fittings designed to join the aft fuselage to the vertical tail for some Boeing 737 Max airplanes that Spirit sent to Boeing; (3) as a result, Spirit would have to develop an inspection and repair procedure for the affected fuselages; and (4) the foregoing would negatively impact Spirit’s financial results.
On April 13, 2023, after the market closed, Boeing announced that it would halt deliveries of its 737 MAX aircraft due to a supplier quality problem. According to an article by Barron’s, Boeing issued a statement stating that “the issue will likely affect a significant number of undelivered 737 MAX airplanes.”
The same day, Bloomberg identified Spirit as the supplier of the faulty part. Several media outlets reported the details of the quality problem. An article by Reuters reported that “[t]he problem involves the installation of two fittings that join the aft fuselage made by Spirit to the vertical tail, which were not attached correctly to the structure of the fuselage before it was sent to Boeing.” Reuters also reported that “Spirit said it is working to develop an inspection and repair for the affected fuselages” and that “the problem is believed to date back to 2019.”
On this news, Spirit’s stock price fell $7.38, or 20.7%, to close at $28.22 per share on April 14, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than July 3, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Spirit securities, and/or would like to discuss your legal rights and options please visit Spirit AeroSystems Holdings, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
