Unite with Fellow Investors
Choose the Best Attorney
Follow Case Progress
id: 698, Created by Stan Vick, Scout
Spirit AeroSystems (SPR) Case
What do I get by joining?
- You will get case updates and receive a payout in case of success
- If you would like to actively participate, you will be connected to the attorney
- No, you do not pay anything out of your pocket neither to us nor to attorney
S.D. New YorkCourt
08 Apr 2020Class period Start
13 Apr 2023Class period End
03 Jul 2023Lead Plaintiff motion deadline
- Boeing announced that it would halt deliveries of its 737 MAX aircraft due to a supplier quality problem. Bloomberg identified Spirit AeroSystems Holdings, Inc. (SPR) as the supplier of the faulty part.
- $SPR price fell 20.7%, damaging investors.
- Investors suspect Spirit & its Leaders of negligance & misleading, which led to investment losses for shareholders.
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’s, Boeing issued a statement stating that “the issue will likely affect a significant number of undelivered 737 MAX airplanes.”
- Bloomberg identified Spirit AeroSystems Holdings, Inc. (SPR) as the supplier of the faulty part.
- An article by Reuters reported that “the 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.”
- Reuters also reported that “Spirit said it is working to develop an inspection and repair for the affected fuselages” and that “the problem is believed to date back to 2019.”
On this news, the $SPR price fell 20.7%, damaging investors.
Taking all the facts into account, Investors have reasons to suspect Spirit and its Leaders of negligance and misleading which led to investment losses for shareholders. Specifically, the complaint alleges:
- that Spirit lacked effective production quality controls;
- 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;
- that, as a result, Spirit would have to develop an inspection and repair procedure for the affected fuselages;
- that the foregoing would negatively impact Spirit’s financial results; and
- that as a result of the foregoing, Defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Failure to Disclose,
Breach of Fiduciary duty,
Shock Event Date
13 April 2023
03 May 2023
Lead Plaintiff Deadline
03 July 2023