SAN DIEGO and WICHITA, Kan., June 20,
2013 /PRNewswire/ -- Shareholder rights attorneys at Robbins
Arroyo LLP announce that a purchaser of Spirit AeroSystems
Holdings, Inc. (NYSE: SPR) securities has filed a complaint in the
U.S. District Court for the District of Kansas. The complaint
alleges that Spirit AeroSystems and certain of its officers and
directors violated the Securities Exchange Act of 1934 between
May 5, 2011 and October 24, 2012 (the "Class Period").
Spirit AeroSystems, through its subsidiaries, designs and
manufactures commercial aerostructures worldwide.
(Logo:
http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)
Spirit AeroSystems Is Accused of Making False and
Misleading Statements Regarding the Execution of Its
Diversification and Growth Strategy
The complaint charges that during the Class Period, the Spirit
AeroSystems issued a series of materially false and misleading
statements concerning the company's operations and business.
Specifically, the complaint alleges that the company misled
investors regarding the company's future cash flows and potential
cost overruns and that its financial statements were false and
misleading throughout the class period. According to the complaint,
those statements were false and/or misleading because the company
failed to disclose that: (i) the company was struggling to execute
its diversification and growth strategy while expanding its
customer-base, manufacturing sites, and product design
capabilities; and (ii) the company lacked adequate internal and
financial controls, especially with respect to cost overruns on its
largest programs.
Spirit AeroSystems Stock Price Falls Dramatically on the
Disclosure of $590 million Charge
Taken on Earnings
On October 25, 2012, Spirit
AeroSystems announced that it expected to record charges against
earnings of $590 million, almost 20%
of its revenues, citing its struggles to manage multiple
development programs with significant design changes and schedule
delays. On this news, the company's stock price dropped
approximately 30%, or $6.55 per
share, to close at $15.11 per share
on October 25, 2012.
If you invested in Spirit AeroSystems and would like to discuss
your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003,
ddonahue@robbinsarroyo.com, or via the shareholder information form
on the firm's website
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. For more information, please go to
http://www.robbinsarroyo.com.
Press release link:
http://www.robbinsarroyo.com/shareholders-rights-blog/spirit-aerosystems/
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free at (800) 350-6003
http://www.robbinsarroyo.com
SOURCE Robbins Arroyo LLP