SAN FRANCISCO, CA / ACCESSWIRE / April 17, 2023 / Hagens Berman urges Spirit AeroSystems Holdings, Inc. (NYSE:SPR) investors who suffered substantial losses submit your losses now.
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Spirit AeroSystems Holdings, Inc. (SPR) Investigation:
The investigation focuses on Spirit AeroSystems' past statements concerning its operational performance, particularly with respect to supplying its largest customer (Boeing, which accounts for 60% of Spirit's revenues), and whether the company's financial statements complied with Generally Accepted Accounting Principles.
On Apr. 10, 2023, the financial press reported that Spirit's largest customer, Boeing, intends to restore production of its bestselling 737 MAX jet to its 2019 rate of 52 a month by Jan. 2025.
Then, on Apr. 13, 2023, Reuters reported that Boeing "has halted deliveries of some 737 MAXs as it grapples with a new supplier quality problem by Spirit AeroSystems that could stretch back to 2019."
Reuters further reported that "[t]he issue will likely affect a ‘significant' number of undelivered 737 MAX airplanes both in production and in storage, and could result in lowered 737 MAX deliveries in the near term" and "[t]he problem, which affects a portion of the 737 MAX family […] involves the installation of two fittings that join the aft fuselage made by Spirit to the vertical tail, which were not attached correctly before it was sent to Boeing."
SeekingAlpha later quoted a Bernstein analyst: (1) "‘For Spirit this situation is a more serious disappointment;'" and (2) "‘we expect Spirit will incur a charge (likely in 2Q23) to both implement a fix and conduct rework on existing inventory[.]'"
This news drove the price of Spirit shares crashing lower on Apr. 14, 2023.
"We're focused on investors' losses, how long Spirit knew about the problem before it notified Boeing, and whether the company may have recognized unearned revenues or under accrued for customer claims related to product quality," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Spirit and have substantial losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Spirit should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
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Contact:
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP