Spirit AeroSystems Holdings, Inc.
Attention investors who purchased shares of Spirit AeroSystems Holdings, Inc. between October 31, 2019 and January 29, 2020:
Rigrodsky & Long is investigating claims brought in a securities fraud class action complaint against Spirit AeroSystems Holdings, Inc. ("Spirit" or the "Company") concerning whether Spirit and certain of the Company's directors and/or officers made materially false and misleading statements and failed to disclose materially adverse facts during the period of October 31, 2019 and January 29, 2020, inclusive (the "Class Period"), concerning Spirit's business, operations, and prospects. These misrepresentations and omissions artificially inflated the price of Spirit's shares throughout the Class Period.
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Northern District of Oklahoma on behalf of all persons or entities that purchased the common stock of Spirit AeroSystems Holdings, Inc. (“Spirit” or the “Company”) (NYSE: SPR) between October 31, 2019 and January 29, 2020, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Spirit during the Class Period, or purchased shares prior to the Class Period and still hold Spirit, and wish to discuss this action, or have any questions concerning this notice or your rights, please contact Seth D. Rigrodsky or Timothy J. MacFall toll free at (888) 969-4242 or, by e-mail at email@example.com.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations, and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public 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. As a result of defendants’ alleged false and misleading statements, the Company’s shares traded at artificially inflated prices during the Class Period.
According to the Complaint, 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, shares of Spirit fell almost 4%, closing at $65.08 per share on January 30, 2020, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than April 10, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraud and corporate class actions nationwide.
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