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SPR.US
id: 698, Created by Stan Vick, Scout
Spirit AeroSystems (SPR) Case
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S.D. New York
Court1:23-cv-03722
Case number- 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.
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…
Case history
Stan Vick
29 August 2023
$SPR Case Update:
- A divided panel from the Tenth Circuit Court upheld the dismissal of a suggested class action for securities fraud.
- This action alleged that $SPR concealed the fact that its major client, Boeing, would suspend the production of 737 Max airplanes.
- A dissenting judge in the panel stated that the majority's conclusion, which suggests that the company's executives were unaware of "two significant issues," is incorrect.