NEW YORK, June 4, 2013 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the District of Kansas, on behalf of investors who purchased the shares of Spirit AeroSystems Holdings, Inc. (NYSE:SPR) between May 5, 2011 and October 24, 2012, inclusive (the "Class Period").
The Complaint alleges that Defendants made false and misleading statements regarding the Company's business, operational and compliance policies. Defendants allegedly made false and/or misleading statements 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. On this news, the Company's stock declined $6.55 per share or 30%, to close at $15.11 per share on October 25, 2012.
If you wish to serve as lead plaintiff, you must move the Court no later than August 2, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
While Gainey McKenna & Egleston did not file the Complaint in this matter, the firm, with offices in New York and New Jersey, regularly prosecutes cases on behalf of shareholders in state and federal courts throughout the United States.