NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of investors that purchased Spirit AeroSystems Holdings, Inc. (NYSE: SPR) securities between October 31, 2019 and January 29, 2020 (the “Class Period”). Investors have until April 10, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
On January 30, 2020, Spirit issued a press release announcing executive officer changes. Therein, Spirit stated that it “did not comply with its established accounting processes related to certain potential contingent liabilities that were received by Spirit after the end of third quarter 2019.” Moreover, the Company stated that, “[i]n light of these findings,” Spirit's Chief Financial Officer, Jose Garcia, and Principal Accounting Officer, John Gilson, resigned from their positions.
On this news, the Company’s share price fell $2.56, or nearly 4%, to close at $65.08 per share on January 30, 2020.
The complaint, filed on February 10, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company lacked effective internal controls over financial reporting; (2) the Company did not comply with its established accounting principles related to potential contingent liabilities; and (3) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Spirit securities during the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at investigations@bespc.com, telephone at (646) 860-9156, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
