NEW YORK--(BUSINESS WIRE)--Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against of Spirit AeroSystem Holdings, Inc. (“Spirit” or the Company”) (NYSE: SPR) and certain of its officers, on behalf of shareholders who purchased Spirit securities between October 31, 2019 and January 29, 2020, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/spr.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint 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.
In December 2019, Spirit AeroSystems commenced a review of its accounting process compliance and determined that it did not comply with established accounting processes related to certain potential contingent liabilities. Then, on January 30, 2019, Spirit AeroSystems announced the resignations of both its Chief Financial Officer and Principal Accounting Officer for failure to comply with accounting rules on contingencies. On this news, Spirit’s stock price fell $2.62 per share, or 3.87%, to close at $65.02 per share on January 30, 2020.
If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/spr or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Spirit you have until April 10, 2020 to request that the Court appoint you as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.