Lawsuit Overview
July 5, 2016 - The U.S. Court of Appeals for the Tenth Circuit affirmed the judgement of the district court.
June 11, 2015 - The lead plaintiffs filed a notice of appeal.
May 14, 2015 - The court granted the defendants' motion to dismiss with prejudice.
June 27, 2014 - Defendants filed a motion to dismiss.
April 7, 2014 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Spirit Aerosystems Holdings Inc (NYSE: SPR) common shares between November 3, 2011 and October 24, 2012. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between November 3, 2011 and October 24, 2012.
August 2, 2013 - Lead plaintiff motions were filed.
June 3, 2013 - An investor in shares of Spirit Aerosystems Holdings Inc (NYSE: SPR) filed a lawsuit in the U.S. District Court for the District of Kansas against Spirit Aerosystems Holdings Inc over alleged violations in connection with certain allegedly false and misleading statements made between May 5, 2011 and October 24, 2012.
According to the complaint the plaintiff alleges on all persons or entities who purchased or otherwise acquired securities of Spirit Aerosystems Holdings Inc (NYSE: SPR) between May 5, 2011 and October 24, 2012, that Spirit Aerosystems Holdings Inc and certain of its officers and directors violated federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff alleges that defendants made allegedly false and/or misleading statements and/or failed to disclose that Spirit Aerosystems Holdings Inc 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, that Spirit Aerosystems Holdings Inc 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 that as a result of the above, Spirit Aerosystems Holdings Inc’s financial statements were materially false and misleading at all relevant times.
On October 25, 2012, Spirit Aerosystems Holdings Inc (NYSE: SPR) announced that it expects to record pre-tax charges of approximately $590 million, which will be included in the company’s third quarter 2012 financial results.
Spirit Aerosystems Holdings Inc said it expects pre-tax charges of approximately $184 million on the 787 program; $163 million on the G650 Wing program; $151 million on the BR725 (Engine Nacelle Package for the G650); $88 million on the G280 Wing program; and $4 million on other combined programs.
During a conference call the Chief Executive Officer of Spirit Aerosystems Holdings Inc said that he is “extremely disappointed in how [they]’ve managed this complexity” and that he “underestimated the organizational learning required”.
Shares of Spirit Aerosystems Holdings Inc dropped from $22.87 per share on October 18, 2012 to as low as $14.70 per share on October 26, 2013.
On June 4, 2013, Spirit Aerosystems Holdings Inc (NYSE: SPR) shares closed at $21.71 per share.