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SPR.US
id: 698

Spirit AeroSystems (SPR) Case

S.D. New York
Court
1:23-cv-03722
Case number
08 Apr 2020
Class period Start
13 Apr 2023
Class period End
03 Jul 2023
Lead 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:
  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’s financial results; and
  5. 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.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements
Failure to Disclose
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
13 April 2023
Filing date
03 May 2023
Lead Plaintiff Deadline
03 July 2023
Collecting participants…

Spirit Aerosystems Holdings Inc

Spirit AeroSystems Holdings, Inc. engages in the design, engineering, manufacture, and marketing of commercial aerostructures worldwide. It operates through three segments: Commercial, Defense & Sp...

    Ticker
    SPR.US
    ISIN
    US8485741099
    CIK
    1364885
    Sector
    Industrials
    Industry
    Aerospace & Defense
    Country
    USA
    Address
    3801 South Oliver Street, Wichita, KS, United States, 67210