{"id":755426,"date":"2023-05-04T19:45:12","date_gmt":"2023-05-04T23:45:12","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-spirit-aerosystems-holdings-inc-spr\/"},"modified":"2023-05-04T19:45:12","modified_gmt":"2023-05-04T23:45:12","slug":"gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-spirit-aerosystems-holdings-inc-spr","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-spirit-aerosystems-holdings-inc-spr\/","title":{"rendered":"Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Spirit AeroSystems Holdings, Inc. (SPR)"},"content":{"rendered":"
\n

NEW YORK, May 04, 2023 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased the securities of Spirit AeroSystems Holdings, Inc. (\u201cSpirit\u201d or the \u201cCompany\u201d) (NYSE: SPR) between April 8, 2020 and April 13, 2023, both dates inclusive (the \u201cClass Period\u201d).<\/p>\n

The Complaint alleges that Defendants failed to disclose to investors: (1) that Spirit lacked effective production quality controls; (2) that, as a result, Spirit incorrectly installed fittings designed to join the aft fuselage to the vertical tail for some Boeing 737 Max airplanes that Spirit sent to Boeing; (3) that, as a result, Spirit would have to develop an inspection and repair procedure for the affected fuselages; (4) that the foregoing would negatively impact Spirit\u2019s financial results; and (5) that as a result of the foregoing, Defendant\u2019s positive statements about the Company\u2019s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.<\/p>\n

On April 13, 2023, Boeing announced that it would halt deliveries of its 737 MAX aircraft due to a supplier quality problem. According to an article by Barron\u2019s, Boeing issued a statement stating that \u201cthe issue will likely affect a significant number of undelivered 737 MAX airplanes.\u201d<\/p>\n

The same day, Bloomberg<\/em> identified Spirit as the supplier of the faulty part. Several media outlets reported the details of the quality problem. An article by Reuters<\/em> reported that \u201c[t]he problem involves the installation of two fittings that join the aft fuselage made by Spirit to the vertical tail, which were not attached correctly to the structure of the fuselage before it was sent to Boeing.\u201d Reuters also reported that \u201cSpirit said it is working to develop an inspection and repair for the affected fuselages\u201d and that \u201cthe problem is believed to date back to 2019.\u201d<\/p>\n

On this news, Spirit\u2019s stock price fell $7.38, or 20.7%, to close at $28.22 per share on April 14, 2023.<\/p>\n

Investors who purchased or otherwise acquired shares of Spirit should contact the Firm prior to the July 3, 2023 <\/em><\/strong>lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.\u00a0 If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com<\/u><\/a> or gegleston@gme-law.com<\/u><\/a>.<\/p>\n

Please visit our website at http:\/\/www.gme-law.com<\/u><\/a> for more information about the firm.<\/p>\n

\n
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<\/div>\n","protected":false},"excerpt":{"rendered":"

NEW YORK, May 04, 2023 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased the securities of Spirit AeroSystems Holdings, Inc. (\u201cSpirit\u201d or the \u201cCompany\u201d) (NYSE: SPR) between April 8, 2020 and April 13, 2023, both dates inclusive (the \u201cClass Period\u201d). The Complaint alleges that Defendants failed to disclose to investors: (1) that Spirit lacked effective production quality controls; (2) that, as a result, Spirit incorrectly installed fittings designed to join the aft fuselage to the vertical tail for some Boeing 737 Max airplanes that Spirit sent to Boeing; (3) … <\/p>\n

Continue reading “Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Spirit AeroSystems Holdings, Inc. (SPR)”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-755426","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nGainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Spirit AeroSystems Holdings, Inc. 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