PHILADELPHIA, April 10, 2020 /PRNewswire/ -- Kaskela Law LLC
announces that a shareholder class action lawsuit has been filed
against Spirit AeroSystems Holdings, Inc. ("Spirit" or the
"Company") (NYSE: SPR) on behalf of investors who purchased shares
of the Company's common stock between October 31, 2019 and February 27, 2020, inclusive (the "Class
Period").
Current Spirit stockholders who purchased shares of the
Company's common stock prior to October 31, 2019 are encouraged to
contact Kaskela Law LLC (D. Seamus Kaskela,
Esq.) at (484) 258 – 1585, or via email at
skaskela@kaskelalaw.com, to discuss this action and their
legal rights and options. Additional information about this
action may also be found at
www.kaskelalaw.com/case/spirit-aerosystems/.
As detailed in the complaint, on January
30, 2020, Spirit disclosed that it had determined that the
Company had not complied with its accounting procedures regarding
its potential contingent liabilities. As a result, Spirit
additionally disclosed that several senior executive officers had
resigned. Following this news, shares of Spirit's stock
declined $2.56 per share, or
approximately 4% in value, to close at $65.08 per share on January 30, 2020.
Then, on February 28, 2020, the
Company disclosed that "it should have recorded an incremental
contingent liability for the third quarter of 2019 of less than
$8 million." During a
conference call that same day, Spirit's CEO reported that 737 MAX
production rates in 2020 would be over 66 percent lower than those
in 2019, and would not normalize for the next several years.
Following this news, shares of Spirit's stock declined an
additional $6.19 per share, or 10% in
value, to close at $52.84 per share
on February 28, 2020.
The shareholder class action complaint alleges that Spirit
issued a series of false and misleading statements to investors
during the Class Period, and failed to disclose that: (i) the
Company lacked effective internal controls over financial
reporting; (ii) the Company 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.
Current Spirit stockholders are encouraged to contact Kaskela
Law LLC to discuss this action and their legal rights and
options. Kaskela Law LLC exclusively represents investors in
securities fraud, corporate governance, and merger &
acquisition litigation. For additional information about
Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT:
D. Seamus Kaskela, Esq.
KASKELA LAW LLC
18 Campus Boulevard, Suite 100
Newtown Square, PA 19073
(484) 258 – 1585
(888) 715 – 1740
www.kaskelalaw.com
skaskela@kaskelalaw.com
View original
content:http://www.prnewswire.com/news-releases/kaskela-law-llc-announces-shareholder-class-action-lawsuit-against-spirit-aerosystems-holdings-inc-spr-and-encourages-shareholders-to-contact-the-firm-301038976.html
SOURCE Kaskela Law LLC