SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Spirit AeroSystems Holdings, Inc. (NYSE: SPR) securities between April 8, 2020 and April 13, 2023, inclusive (the “Class Period”) have until July 3, 2023 to seek appointment as lead plaintiff of the Spirit AeroSystems class action lawsuit. Captioned Li v. Spirit AeroSystems Holdings, Inc., No. 23-cv-03722 (S.D.N.Y.), the Spirit AeroSystems class action lawsuit charges Spirit AeroSystems and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Spirit AeroSystems class action lawsuit, please provide your information here:
CASE ALLEGATIONS: Spirit AeroSystems is a non-Original Equipment Manufacturer that serves markets for commercial airplanes, military platforms, and business/regional jets. Spirit AeroSystems’ largest customer is Boeing Co. Spirit AeroSystems and Boeing have long-term supply agreements under which Spirit AeroSystems provides products for several Boeing aircrafts, including the 737 MAX.
The Spirit AeroSystems class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Spirit AeroSystems lacked effective production quality controls; (ii) as a result, Spirit AeroSystems incorrectly installed fittings designed to join the aft fuselage to the vertical tail for some 737 MAX airplanes that Spirit AeroSystems sent to Boeing; (iii) consequently, Spirit AeroSystems would have to develop an inspection and repair procedure for the affected fuselages; and (iv) the foregoing would negatively impact Spirit AeroSystems’ financial results.
On April 13, 2023, Boeing announced that it would halt deliveries of its 737 MAX aircraft due to a supplier quality problem. According to an article by Barron’s, Boeing issued a statement stating that “the issue will likely affect a significant number of undelivered 737 MAX airplanes.” An article by Reuters further reported that “[t]he problem involves the installation of two fittings that join the aft fuselage made by Spirit [AeroSystems] to the vertical tail, which were not attached correctly to the structure of the fuselage before it was sent to Boeing.” On this news, the price of Spirit AeroSystems stock declined more than 20%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Spirit AeroSystems securities during the Class Period to seek appointment as lead plaintiff of the Spirit AeroSystems class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Spirit AeroSystems class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Spirit AeroSystems class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Spirit AeroSystems class action lawsuit.
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