NEW YORK, June 3, 2013 (GLOBE NEWSWIRE) -- 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.