NEW YORK, NY - (NewMediaWire) - March 28, 2020 - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Spirit AeroSystems Holdings, Inc. (“Spirit” or the “Company”) (NYSE:SPR) of the April 10, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Spirit stock or options between October 31, 2019 and January 29, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/SPR. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at877-247-4292 or at 212-983-9330 or by sending an e-mail email@example.com.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Northern District of Oklahoma on behalf of all those who purchased Spirit securities between October 31, 2019 and January 29, 2020 (the "Class Period"). The case, Goldman v. Spirit AeroSystems Holdings, Inc. et al, No. 20-cv-00054 was filed on February 10, 2020 and has been assigned to Judge Claire V Eagan.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (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 Spirit's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Specifically, on January 30, 2020, before the market opened, the Company issued a press release announcing that Spirit had determined that it did not comply with its accounting procedures and that its Senior Vice President and Chief Financial Officer, Jose Garcia, and Controller and Principal Accounting Officer, John Gilson, had resigned.
On this news, Spirit's stock price fell from $67.64 per share on January 29, 2020 to a closing price of $65.08 on January 30, 2020-a $2.56 or 3.80% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Spirit's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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