Invested in
Spirit AeroSystems?
Attention Spirit AeroSystems shareholders: contact investor rights lawyers for a free evaluation of your potential claims for compensation today.
- Did you acquire shares of Spirit AeroSystems Holdings, Inc. (NYSE: SPR) in or before April 2020, and do you still hold your Spirit AeroSystems shares?
- Are you concerned about the recent performance of Spirit AeroSystems’ stock price?
- Are you concerned about the conduct of Spirit AeroSystems’ officers and directors related to Spirit’s allegedly deficient production quality controls, delivery of faulty parts to its largest customer, and negative financial consequences?
- Would you like your potential options for compensation and/or redress to be reviewed by an experienced team of investor lawyers?
Request a free case evaluation of your potential claims for compensation today, via email at arosca@rscounsel.law, through the contact form on this page, or by calling 888-998-0530.
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Posted November 10, 2023
Spirit AeroSystems Class Action Investigation
Securities attorneys Alan Rosca, Paul Scarlato, and Kathryn Weidner have been investigating potential securities violations and corporate misconduct, as well as questionable business practices involving Spirit AeroSystems Holdings, Inc. and have identified potential areas of concern for Spirit AeroSystems investors.
What Spirit AeroSystems Investors May Do
SPR investors interested in an evaluation of their potential options to seek compensation and/or pursue claims related to their Spirit AeroSystems investment may contact investor rights attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner. Claims that are not timely pursued may expire or otherwise be lost, generally speaking.
Get in Touch with an Experienced Team of Investor Attorneys
Attorneys Rosca, Scarlato, and Weidner have extensive experience in seeking compensation related to investor harm and pursuing claims arising out of alleged violations of securities law and/or corporate misconduct, and are currently evaluating potential claims on behalf of investors in Spirit AeroSystems Holdings, Inc.
They typically work on a contingent fee basis, do not require any money down from their clients, advance case expenses, and only get paid for their fees and expenses if and when successful, following review and approval by the Court of any fee application.
Concerned SPR stock investors may contact attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner to discuss their potential options toll free at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
Potential Compensation Claims
Has Spirit AeroSystems Holdings Been Accused of Misconduct?
Spirit AeroSystems Holdings, Inc. (“Spirit”) and certain of its executives have been the subject of a class action lawsuit, filed in the United States District Court for the Southern District of New York in May 2023.
Spirit is accused of, among others, violating securities laws by allegedly making materially false and/or misleading statements and failing to disclose materially adverse facts that allegedly caused the SPR stock to trade at artificially inflated prices. According to the complaint, Spirit AeroSystems and certain of its executives allegedly misrepresented the effectiveness of its production quality controls while repeatedly assuring investors of Spirit AeroSystems’ financial well-being and prospects.
According to the class action complaint, Spirit AeroSystems specializes in producing components like fuselages, integrated wings, pylons, and nacelles for commercial airplanes, military platforms, and business/regional jets, with Boeing Co. being its primary customer. On April 13, 2023, several news outlets reported on Boeing’s announcement that the company is pausing deliveries of some 737 Max jets due to a supplier quality problem. On the same day Bloomberg reportedly identified Spirit AeroSystems as the supplier of the faulty part, while Reuters reported that the quality problem could stretch back to 2019 and that “Spirit said it is working to develop an inspection and repair for the affected fuselages.”
Was the SPR Stock Price Affected?
Following the news, on April 14, 2023, SPR’s stock price reportedly fell $7.38, or 20.7%, to close at $28.22 per share, the class action complaint alleges.
According to data from Yahoo Finance, since then the SPR price per share fluctuated, recovering temporarily to close at $31.82 on July 31, 2023, and then abruptly crashing on August 2, 2023, when it reportedly closed at $22.86, on an unusually high trading volume. The price per SPR share continued to decline until it reached $14.84 on September 21, 2023.
Over the last six weeks the SPR price per share showed some recovery following October announcement of a new agreement with Boeing, and on November 7, 2023, reportedly closed at $24.62, in decline more than 24% YTD.
Potential Compensation Claims
What Happened to Spirit AeroSystems’s Officers?
In an 8-K report dated October 2, 2023, Spirit AeroSystems announced the resignation of its President and Chief Executive Officer (CEO), Thomas C. Gentile III, effective September 30, 2023. The company appointed Patrick M. Shanahan as interim CEO.
Do Spirit AeroSystems Shareholders Have Claims for Compensation?
Investor rights attorneys Alan Rosca, Paul Scarlato, and Kathryn Weidner at Rosca Scarlato are investigating potential options and evaluating potential claims for compensation and/or other redress on behalf of Spirit AeroSystems’ long-term shareholders whose share value dropped following the alleged misrepresentations and/or omissions regarding Spirit AeroSystems’s effectiveness of production quality controls. The Rosca Scarlato attorneys have decades of combined experience representing victims of corporate or financial misconduct.
If you are a Spirit AeroSystems investor who has acquired SPR shares in or before April 2020 and are concerned about the drop in the value of your investment, you may contact attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner to learn more about your rights and for an evaluation of your potential claims, or to provide useful information.
All consultations are free. The Rosca Scarlato attorneys typically take cases like this on a contingency fee basis, advance all case costs, and only get paid for their fees and expenses if and when they are successful, following review and approval by the Court of any fee application.
To reach attorney Alan Rosca or his colleagues, Spirit AeroSystems investors may call 888-998-0530, email arosca@rscounsel.law, or leave a message through the contact form on this webpage.
The general considerations on this page are for informational purposes only and do not constitute legal advice. Such legal advice can only be offered once the attorneys discuss each investor’s situation, learn of the relevant facts and can tailor any advice to that investor’s facts. The Spirit AeroSystems Class Action Investigation page is not affiliated with Spirit AeroSystems Holdings, Inc. There has not been an adjudication on the merits of any allegations referenced in this blog post, as of the date of the posting.
Contact info:
Rosca Scarlato LLC – 216-946-7070 / 888-998-0530.
Alan Rosca – arosca@rscounsel.law
Paul Scarlato – pscarlato@rscounsel.law
Kathryn Weidner – kweidner@rscounsel.law
Recent Investigations
DISCLAIMER
In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.
