Gainey McKenna & Egleston Announces a Securities Fraud Class Action Lawsuit Has Been Filed Against Spirit AeroSystems Holdings,
05 Juni 2013 - 12:30AM
Gainey McKenna & Egleston announces that a class action lawsuit
has been filed in the United States District Court for the District
of Kansas, on behalf of investors who purchased the shares of
Spirit AeroSystems Holdings, Inc. (NYSE:SPR) between May 5, 2011
and October 24, 2012, inclusive (the "Class Period").
The Complaint alleges that Defendants made false and misleading
statements regarding the Company's business, operational and
compliance policies. Defendants allegedly made false and/or
misleading statements that: (i) the Company was having difficulties
in executing its diversification and growth strategy as it expanded
its customer-base, manufacturing sites, and product design
capabilities, while managing multiple development programs with
significant design changes and schedule delays; (ii) the Company
lacked adequate internal and financial controls, specifically
adequate controls over cost overruns on its 787 program, G650 Wing
program, BR725 program and the G280 Wing program; and (iii) as a
result of the above, the Company's financial statements were
materially false and misleading at all relevant times.
On October 25, 2012, the Company disclosed for the first time
that it expected to record charges against 2012 earnings, and to
future years' earnings, totaling $590 million, attributed to
significant operational problems across multiple product
lines. On this news, the Company's stock declined $6.55 per
share or 30%, to close at $15.11 per share on October 25, 2012.
If you wish to serve as lead plaintiff, you must move the Court
no later than August 2, 2013. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. If you wish to join the litigation,
or to discuss your rights or interests regarding this class action,
please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq.
of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail
at tjmckenna@gme-law.com or gegleston@gme-law.com.
While Gainey McKenna & Egleston did not file the Complaint
in this matter, the firm, with offices in New York and New Jersey,
regularly prosecutes cases on behalf of shareholders in state and
federal courts throughout the United States.
CONTACT: Gainey McKenna & Egleston
(212) 983-1300
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