SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on
Their Investment in Spirit AeroSystems Holdings, Inc. of Class Action Lawsuit
and Upcoming Deadline - SPR
NEW YORK, June 28, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford
Dahlstrom & Gross LLP has filed a class action lawsuit against Spirit
AeroSystems Holdings, Inc. ("Spirit AeroSystems" or the "Company") (NYSE:SPR)
and certain of its officers. The class action, filed in United States District
Court, District of Kansas, and docketed under 13-cv-02261, is on behalf of a
class consisting of all persons or entities who purchased or otherwise
acquired securities of Spirit AeroSystems between May 5, 2011 and October 24,
2012 both dates inclusive (the "Class Period"). This class action seeks to
recover damages against the Company and certain of its officers and directors
as a result of alleged violations of the federal securities laws pursuant to
Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5
If you are a shareholder who purchased Spirit AeroSystems securities during
the Class Period, you have until August 2, 2013 to ask the Court to appoint
you as Lead Plaintiff for the class. A copy of the Complaint can be obtained
at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby
at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address,
telephone number, number of shares purchased, and losses. There is no out of
pocket cost to you for your participation.
Spirit AeroSystems designs and manufactures aerostructures fuselages,
propulsion systems and wing systems for commercial and military aircrafts. The
Company's main customers are The Boeing Company ("Boeing") and Airbus SAS
The Complaint alleges that throughout the Class Period, Defendants made
materially false and misleading statements regarding the Company's business,
operational and compliance policies. Specifically, Defendants made false
and/or misleading statements and/or failed to disclose that: (i) the Company
was having difficulties in executing its diversification and growth strategy
as it expanded its customer-base, manufacturing sites, and product design
capabilities, while managing multiple development programs with significant
design changes and schedule delays; (ii) the Company lacked adequate internal
and financial controls, specifically adequate controls over cost overruns on
its 787 program, G650 Wing program, BR725 program and the G280 Wing program;
and (iii) as a result of the above, the Company's financial statements were
materially false and misleading at all relevant times.
On October 25, 2012, the Company disclosed for the first time that it expected
to record charges against 2012 earnings, and to future years' earnings,
totaling $590 million, attributed to significant operational problems across
multiple product lines. Analysts immediately voiced suspicions that defendants
had misled investors regarding the profitability of the 787 program, sustained
free cash flows and the fact that there was an impending write-down which
accounted for nearly 20% of Spirit AeroSystems' contractual revenues. On this
news, Spirit AeroSystems stock declined $6.55 per share or 30%, to close at
$15.11 per share on October 25, 2012.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego,
is acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
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