Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of Spirit AeroSystems Holdings, Inc.
26 Oktober 2012 - 5:20PM
Business Wire
Shareholder Rights Law Firm Johnson & Weaver, LLP announces
that it is investigating whether certain officers and directors of
Spirit AeroSystems Holdings, Inc. ("Spirit") (NYSE symbol: SPR)
engaged in improper conduct or breached their fiduciary duties to
shareholders in violation of state and federal securities laws.
Spirit designs and manufactures structural components for
aircraft. On October 25, 2012, Spirit stunned investors when it
announced for the first time that it expected to record charges
against 2012 earnings totaling $590 million, attributed to
significant operational problems across multiple product lines.
Spirit's common stock dropped by 30% in a single day, to $15.11 per
share on the news.
“Just less than three months ago, Spirit announced full-year
guidance for 2012, describing the Company’s operating performance
as ‘Strong’ and ‘Solid,’” said David Elliot, an attorney at Johnson
& Weaver. The guidance showed significant increases in 2012 in
Revenues, Earnings, and Cash Flow from Operations, with no mention
of any operational problems or potential charges against those
earnings. Mr. Elliot explained that “our investigation focuses on
whether certain officers and directors of Spirit breached their
fiduciary duties by failing to timely inform investors of material
adverse information, specifically that undisclosed problems in
numerous product lines would cause an estimated $590 million charge
against earnings in 2012.”
Investors who purchased shares of Spirit common stock at any
time before October 25, 2012, and who either currently still own
shares or sold their shares at a loss on the news may have legal
rights to compensation. Johnson & Weaver, LLP invites Spirit
shareholders who are concerned about their legal rights and
remedies, as well as others who may have information about the
above, to contact attorney David Elliot at (619) 230-0063 or
davide@johnsonandweaver.com.
Johnson & Weaver, LLP is a nationally recognized
shareholders’ rights law firm. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits. For more information about the firm and its
attorneys, please visit http://www.johnsonandweaver.com.
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