SAN FRANCISCO, July 01, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges Spirit AeroSystems Holdings, Inc. (NYSE: SPR) investors who suffered $500k or more in losses submit your losses now.
Class Period: Apr. 8, 2020 – Apr. 13, 2023
Lead Plaintiff Deadline: July 5, 2023
Visit: www.hbsslaw.com/investor-fraud/SPR
Contact An Attorney Now: SPR@hbsslaw.com
844-916-0895
Spirit AeroSystems Holdings, Inc. (SPR) Securities Fraud Class Action:
The litigation focuses on Spirit AeroSystem’s past statements concerning its operational performance and quality controls, particularly with respect to supplying its largest customer (Boeing).
According to the complaint, Defendants failed to disclose to investors that: (1) Spirit lacked adequate production quality controls; (2) Spirit incorrectly installed fittings designed to join the aft fuselage to the vertical tail for some Boeing 737 MAX airplanes; (3) Spirit would have to develop an inspection and repair procedure for the affected fuselages; and (4) the foregoing would negatively impact Spirit’s financial results.
Investors began to learn the truth on Apr. 13, 2023, when the financial press reported that Spirit notified Boeing of a quality problem that could stretch back to 2019. Reuters reported that “[t]he issue will likely affect a ‘significant’ number of undelivered 737 MAX airplanes both in production and in storage, and could result in lowered 737 MAX deliveries in the near term” and “[t]he problem, which affects a portion of the 737 MAX family […] involves the installation of two fittings that join the aft fuselage made by Spirit to the vertical tail, which were not attached correctly before it was sent to Boeing.”
Most recently, on May 3, 2023, Spirit announced that fuselage repair costs would negatively impact 2023 gross profit by $31 million and said that additional costs are expected.
These events have driven the price of Spirit shares sharply lower.
“We’re focused on investors’ losses and proving Spirit knew it embarked on a cost cutting program that adversely affected quality control,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Spirit and have substantial losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Spirit should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SPR@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
