LOS ANGELES, April 01, 2020 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming April 10, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Spirit AeroSystems Holdings, Inc. (“Spirit” or the “Company”) (NYSE: SPR) investors who purchased securities between October 31, 2019 and February 27, 2020 inclusive (the “Class Period”).
If you suffered a loss on your Spirit investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email shareholders@glancylaw.com or visit our website at www.glancylaw.com to learn more about your rights.
On January 30, 2020, Spirit issued a press release announcing executive officer changes. Therein, Spirit stated 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.” Moreover, the Company stated that, “[i]n light of these findings,” Spirits’ Chief Financial Officer, Jose Garcia, and Principal Accounting Officer, John Gilson, resigned from their positions.
On this news, the Company’s share price fell $2.56, or nearly 4%, to close at $65.08 per share on January 30, 2020, on usually heavy trading volume.
Then, on February 28, 2020, Spirit disclosed a material weakness in its internal controls over financial reporting and stated that the Company "should have recorded an incremental contingent liability for the third quarter of 2019 of less than $8 million."
On this news, the Company's share price fell $6.19, or over 10%, to close at $52.84 per share on February 28, 2020, thereby injuring investors further.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (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.
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If you purchased or otherwise acquired Spirit securities during the Class Period, you may move the Court no later than April 10, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com