Case Page

 

Case Status:    DISMISSED    
On or around 08/10/2016 (Other)

Filing Date: June 03, 2013

According to the law firm press release, Spirit AeroSystems designs and manufactures aerostructures fuselages, propulsion systems and wing systems for commercial and military aircrafts. The Company's main customers are The Boeing Company ("Boeing") and Airbus SAS ("Airbus").

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading
statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company was having difficulties in executing its diversification and growth strategy as it expanded its customer-base, manufacturing sites, and product design capabilities, while managing multiple development programs with significant design changes and schedule delays; (ii) the Company lacked adequate internal and financial controls, specifically adequate controls over cost overruns on its 787 program, G650 Wing program, BR725 program and the G280 Wing program; and (iii) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.

On October 25, 2012, the Company disclosed for the first time that it expected to record charges against 2012
earnings, and to future years' earnings, totaling $590 million, attributed to significant operational problems across
multiple product lines. Analysts immediately voiced suspicions that defendants had misled investors regarding the
profitability of the 787 program, sustained free cash flows and the fact that there was an impending write-down which accounted for nearly 20% of Spirit AeroSystems' contractual revenues. On this news, Spirit AeroSystems stock declined $6.55 per share or 30%, to close at $15.11 per share on October 25, 2012.

On May 14, 2015, the Court issued an Order dismissing this case with prejudice.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Aerospace & Defense
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SPR
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Kansas
DOCKET #: 13-CV-02261
JUDGE: Hon. Eric F. Melgren
DATE FILED: 06/03/2013
CLASS PERIOD START: 05/05/2011
CLASS PERIOD END: 10/24/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kenner Schmitt Nygaard, LLC
    11050 Roe Ave., Suite 212, Kenner Schmitt Nygaard, LLC, KS 66211
    913.469.5544 816.531.3600 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: D. Kansas
DOCKET #: 13-CV-02261
JUDGE: Hon. Eric F. Melgren
DATE FILED: 04/07/2014
CLASS PERIOD START: 11/03/2011
CLASS PERIOD END: 10/24/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (Former New York)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (Former New York), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  2. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  3. Stueve Siegel Hanson LLP
    460 Nichols Road, Suite 200, Stueve Siegel Hanson LLP, MI 64112
    816.714.7100 816.714.7101 · info@stuevesiegel.com
No Document Title Filing Date