SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on Their Investment in Spirit AeroSystems Holdings, Inc.
14 Juni 2013 - 10:15PM
Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a
class action lawsuit against Spirit AeroSystems Holdings, Inc.
("Spirit AeroSystems" or the "Company") (NYSE:SPR) and certain of
its officers. The class action, filed in United States District
Court, District of Kansas, and docketed under 13-cv-02261, is on
behalf of a class consisting of all persons or entities who
purchased or otherwise acquired securities of Spirit AeroSystems
between May 5, 2011 and October 24, 2012 both dates inclusive (the
"Class Period"). This class action seeks to recover damages against
the Company and certain of its officers and directors as a result
of alleged violations of the federal securities laws pursuant to
Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and
Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Spirit AeroSystems
securities during the Class Period, you have until August 2, 2013
to ask the Court to appoint you as Lead Plaintiff for the
class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert
S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or
888.4-POMLAW), toll free, x237. Those who inquire by e-mail are
encouraged to include their mailing address, telephone number,
number of shares purchased, and losses.
Spirit AeroSystems designs and manufactures aerostructures
fuselages, propulsion systems and wing systems for commercial and
military aircrafts. The Company's main customers are The Boeing
Company ("Boeing") and Airbus SAS ("Airbus").
The Complaint alleges that throughout the Class
Period,Defendants made materially false and misleading statements
regarding the Company's business, operational and compliance
policies. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose 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.
Analysts immediately voiced suspicions that defendants had misled
investors regarding the profitability of the 787 program, sustained
free cash flows and the fact that there was an impending write-down
which accounted for nearly 20% of Spirit AeroSystems' contractual
revenues. On this news, Spirit AeroSystems stock declined
$6.55 per share or 30%, to close at $15.11 per share on October 25,
2012.
The Pomerantz Firm, with offices in New York, Chicago, Florida,
and San Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L. Pomerantz, known as the dean of the
class action bar, the Pomerantz Firm pioneered the field of
securities class actions. Today, more than 70 years later, the
Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class
members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
rswilloughby@pomlaw.com
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