INVESTOR ALERT: Edelson Lechtzin LLP Urges Spirit AeroSystems Holdings, Inc. (NYSE: SPR) Shareholders with Substantial Losses to Consider Seeking Leadership in the Securities Fraud Class Action
NEWTOWN, PA, May 9, 2023 — The law firm of Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers and holders of Spirit AeroSystems Holdings, Inc. (“Spirit” or the “Company”) (NYSE: SPR) common stock between April 8, 2020, and April 13, 2023, both dates inclusive (the “Class Period”).
Investors who purchased Spirit AeroSystems Holdings, Inc. common stock may move the U.S. District Court for the Southern District of New York to appoint them as lead plaintiff, no later than July 3, 2023. Current holders of Spirit stock may pursue corporate governance reforms. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at [email protected]. A copy of the class action complaint can be viewed HERE.
Background on Spirit AeroSystems Holdings, Inc.
Headquartered in Wichita, Kansas, Spirit is the world’s largest manufacturer of aerostructures for commercial airplanes, defense platforms, and business/regional jets. Their core products include fuselages, integrated wings and wing components, pylons, and nacelles. Spirit’s largest customer is Boeing Co. They have long-term supply agreements together, under which Spirit provides products for several Boeing aircrafts, including the 737.
The Securities Fraud Claims
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (i) Spirit lacked effective production quality controls; (ii) 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; (iii) as a result, Spirit would have to develop an inspection and repair procedure for the affected fuselages; and (iv) the foregoing would negatively impact Spirit’s financial results.
After the market closed, on April 13, 2023, Boeing announced that it would halt deliveries of its 737 MAX aircraft due to a “supplier quality problem.” The same day, Bloomberg identified Spirit as the supplier of the faulty part. On this news, Spirit’s stock price fell $7.38, or 20.7%, to close at $28.22 per share on April 14, 2023.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected]
Email: [email protected]
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.