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 through January 29, 2020, inclusive (the "Class Period").
Spirit investors are encouraged to contact Kaskela Law LLC (David Seamus Kaskela, Esq.) at (484) 258 – 1585, or online at www.kaskelalaw.com/case/spirit-aerosystems/, for additional information about this action and their legal rights and options.
On January 30, 2020, Spirit issued a press release disclosing that it had "received information through its established compliance processes that led Spirit to commence a review of its accounting process compliance. As a result of the review, which is ongoing, Spirit determined 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." The Company also disclosed that its Chief Financial Officer, and its Controller and Principal Accounting Officer, had "tendered their resignations." Following this news, shares of the Company’s common stock declined $2.56 per share, or over 3.5% in value.
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, and (ii) the Company did not comply with its established accounting principles related to potential contingent liabilities.
IMPORTANT DEADLINE: Investors who purchased Spirit’s common stock during the Class Period may, no later than April 10, 2020, seek to be appointed as a lead plaintiff representative in the action.
Spirit investors are encouraged to contact Kaskela Law LLC prior to the April 10, 2010 deadline 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.