Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Spirit AeroSystems Holdings, Inc.

Fri Jun 7, 2013 7:35pm EDT

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Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Spirit AeroSystems Holdings, Inc.

PR Newswire

WAYNE, Pa., June 7, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/spr) announces that a class action lawsuit has been filed in United States District Court for the District of Kansas on behalf of purchasers of Spirit AeroSystems Holdings, Inc. ("Spirit AeroSystems" or the "Company") (NYSE: SPR) common stock during the period between May 5, 2011 and October 24, 2012, inclusive (the "Class Period").

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For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at rmaniskas@rmclasslaw.com or visit: www.rmclasslaw.com/cases/spr

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company was having difficulties 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, and that the Company lacked adequate internal and financial controls over cost overruns associated with its 787 program, G650 Wing program, BR725 program and G280 Wing program. According to the complaint, following the Company's October 25, 2012 disclosure that it expected to record charges against 2012 earnings, and to future years' earnings, totaling $590 million, attributed to significant operational problems with the Company's 787 program, G650 Wing program, BR725 program, G280 Wing program, and other combined programs, the value of Spirit AeroSystems shares declined significantly.

On October 25, 2012, the Company disclosed that it expected to record charges against 2012 earnings and future years' earnings totaling $590 million, attributed to significant operational problems across multiple product lines. On this news, Spirit AeroSystems stock fell from a close of $21.66 per share on October 24, 2012, to a close of $15.11 per share the following day.

If you are a member of the class, you may, no later than August 2, 2013, request that the Court appoint you as lead plaintiff of the class.  A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation.  In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Under certain circumstances, one or more class members may together serve as "lead plaintiff."  Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.  You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.

For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/spr or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at rmaniskas@rmclasslaw.com.  For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.

Ryan & Maniskas, LLP is a national shareholder litigation firm.  Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.

CONTACT:
Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 19087
484-588-5516
877-316-3218
www.rmclasslaw.com/cases/spr    
rmaniskas@rmclasslaw.com

SOURCE Ryan & Maniskas, LLP

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