SAN DIEGO & WICHITA, Kan.--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP announces that a purchaser of Spirit AeroSystems Holdings, Inc. (NYSE: SPR) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between October 31, 2019 and January 29, 2020. Spirit designs, manufactures, and supplies commercial aero structures in the United States and internationally and is the biggest supplier in the Boeing Co. 737 MAX program.
If you suffered a loss as a result of Spirit's misconduct, click here.
Spirit AeroSystems Holdings, Inc. (SPR) Accused of Misleading Shareholders
According to the complaint, on October 31, 2019, Spirit filed its 3Q 2019 Form 10-Q with the SEC stating in relevant part that after evaluation, the Company had "concluded that [its] disclosure controls and procedures are effective to provide reasonable assurance that information required…is recorded, processed, summarized and reported." Despite this assurance, on January 30, 2020, Spirit released a press release announcing that following an internal review of Spirit's accounting process compliance, the Company had determined that it did not comply with its established accounting processes related to certain potential contingent liabilities. As a result, Spirit's Chief Financial Officer and Principal Accounting Officer resigned from their positions. The review is ongoing to determine whether the Company's financial statements will be materially impacted. On this news, Spirit's shares fell approximately 4% to close at $65.08 per share.
Spirit AeroSystems Holdings, Inc. (SPR) Shareholders Have Legal Options
Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar outcome.