Shareholders Foundation, Inc.

Spirit AeroSystems Holdings, Inc. (NYSE:SPR) Investor Alert: Lawsuit Alleges False and Misleading Statements

A lawsuit was filed for certain investors in shares of Spirit AeroSystems Holdings, Inc. (NYSE:SPR) shares over alleged securities laws violations. Deadline: August 2, 2013. NYSE:SPR stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com

 

San Diego, CA -- (SBWIRE) -- 06/10/2013 -- An investor, who purchased shares of Spirit AeroSystems Holdings, Inc. (NYSE:SPR), filed a lawsuit in the U.S. District Court for the District of Kansas, over alleged violations of Federal Securities Laws by Spirit AeroSystems Holdings, Inc. in connection certain allegedly false and misleading statements made between May 5, 2011 and October 24, 2012.

Investors who purchased shares of Spirit AeroSystems Holdings, Inc. (NYSE:SPR) between May 5, 2011 and October 24, 2012 and / or those who purchased NYSE:SPR shares prior to May 2011 and currently hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: August 2, 2013. NYSE:SPR investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on all persons or entities who purchased or otherwise acquired securities of Spirit AeroSystems Holdings, Inc. (NYSE:SPR) between May 5, 2011 and October 24, 2012, that Spirit AeroSystems Holdings and certain of its officers and directors violated federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff alleges that defendants made allegedly false and/or misleading statements and/or failed to disclose that Spirit AeroSystems Holdings 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, that Spirit AeroSystems Holdings 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 that as a result of the above, Spirit AeroSystems Holdings’ financial statements were materially false and misleading at all relevant times.

On October 25, 2012, Spirit AeroSystems Holdings, Inc. (NYSE: SPR) announced that it expects to record pre-tax charges of approximately $590 million, which will be included in the company’s third quarter 2012 financial results

Spirit AeroSystems Holdings, Inc said it expects pre-tax charges of approximately $184 million on the 787 program; $163 million on the G650 Wing program; $151 million on the BR725 (Engine Nacelle Package for the G650); $88 million on the G280 Wing program; and $4 million on other combined programs.

During a conference call the Chief Executive Officer of Spirit AeroSystems Holdings, Inc said that he is “extremely disappointed in how [they]’ve managed this complexity” and that he “underestimated the organizational learning required”

Shares of Spirit AeroSystems Holdings, Inc. dropped from $22.87 per share on October 18, 2012 to as low as $14.70 per share on October 26, 2013.

On June 7, 2013, NYSE:SPR shares closed at $21.80 per share.

Those who purchased shares of Spirit AeroSystems Holdings, Inc. (NYSE:SPR), have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com