NEW YORK, NY / ACCESSWIRE / March 5, 2020 / Pomerantz LLP announces that a class action lawsuit has been filed against Spirit Aerosystems Holdings, Inc. (“Spirit” or the “Company”) (SPR) and certain of its officers. The class action, filed in United States District Court, for the Northern District of Oklahoma, and indexed under 20-cv-00077, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired Spirit securities between October 31, 2019 and January 29, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Spirit securities during the class period, you have until April 10, 2020, 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 [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Spirit designs, manufactures, and supplies commercial aero structures in the U.S. and internationally.
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) Spirit lacked effective internal controls over financial reporting; (ii) Spirit did not comply with its established accounting principles related to potential contingent liabilities; and (iii) as a result, Defendants’ statements about Spirit’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On January 30, 2020, before the market opened, the Company issued a press release announcing that Spirit had determined that it did not comply with its accounting procedures and that the Company’s Chief Financial Officer and Principal Accounting Officer had resigned.
On this news, Spirit’s stock price fell $2.56 per share, or 3.78%, to close at $65.08 per share on January 30, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, 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 80 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
SOURCE: Pomerantz LLP
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