Key Developments: Spirit Aerosystems Holdings Inc (SPR.N)
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Latest Key Developments (Source: Significant Developments)
300 Layoffs Expected At Spirit Aerosystems Holdings Inc-Reuters
Reuters reported that Spirit Aerosystems Holdings Inc is expected to lay off about 300 people on July 25, 2013 a union leader said. The layoffs may include management, engineers and information technology workers, said Ray Goforth, executive director of the Society of Professional Engineering Employees in Aerospace (SPEEA), which represents employees at Spirit. Spirit, based in Wichita, Kansas, declined to comment. Full Article
Levi & Korsinsky Notifies Investors With Losses On Their Investment In Spirit Aerosystems Holdings, Inc. Of Class Action Lawsuit And The Deadline Of August 2, 2013 To Seek A Lead Plaintiff Position
Levi & Korsinsky announced that a class action lawsuit has been commenced in the United States District Court for the District of Kansas on behalf of investors who purchased Spirit AeroSystems Holdings, Inc. stock between May 5, 2011 through October 24, 2012. The Complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose 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; the Company lacked adequate internal and financial controls, particularly in relation to cost overruns on its 787, G650 Wing, BR725, and G280 Wing programs; and as a result of the above, the Company's financial statements were materially false and misleading at all relevant times. Full Article
Faruqi & Faruqi, LLP Announces Investigation Of Potential Securities Fraud At Spirit Aerosystems Holdings Inc
Faruqi & Faruqi, LLP, a national securities law firm, announced that it is investigating potential securities fraud at Spirit AeroSystems Holdings Inc. The investigation focuses on whether the Company and its executives violated federal securities laws with respect to its disclosures concerning business, operational, and compliance policies. Specifically, the investigation focuses on whether Spirit: (i) failed to properly execute its diversification and growth strategy; and (ii) lacked adequate internal and financial controls, especially relating to cost overruns for the Company's 787 program, G650 Wing program, BR725 program, the G280 Wing program, and other programs (collectively, the "Programs"). On October 25, 2012, Spirit announced that it expected to record pre-tax charges on the Programs for a total of approximately $590 million. Following this news, the Company's stock dropped $6.55 or over 30%. Full Article
Pomerantz Law Firm Reminds Shareholders With Losses on Their Investment in Spirit AeroSystems Holdings Inc of Class Action Lawsuit and Upcoming Deadline
Pomerantz Grossman Hufford Dahlstrom & Gross LLP announced that it has filed a class action lawsuit against Spirit AeroSystems Holdings Inc and certain of its officers. The class action, filed in United States District Court, District of Kansas, and docketed under 13-cv-02261, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Spirit AeroSystems between May 5, 2011 and October 24, 2012 both dates inclusive (the Class Period). 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. Full Article
Levi & Korsinsky Announces Class Action Lawsuit Against Spirit Aerosystems Holdings Inc
Levi & Korsinsky announced that a class action lawsuit has been commenced in the United States District Court for the District of Kansas on behalf of investors who purchased Spirit Aerosystems Holdings Inc stock between May 5, 2011 through October 24, 2012. Full Article
Spirit Aerosystems Holdings Inc Receives Contract to Supply Aircraft Structures for Four Operational Evaluation CH-53K Heavy Lift Helicopters
Spirit Aerosystems Holdings Inc announced that it has received a $60 million contract from Sikorsky Aircraft Corp. to supply the major structural cockpit and cabin components of four additional CH-53K heavy lift helicopters. Designated System Demonstration Test Articles (SDTA), the four production-representative aircraft will be used by the U.S. Marine Corps to evaluate the helicopter's mission capabilities in service operating conditions. The Navy program of record plans for an additional 196 CH-53K aircraft under future production contract to support the Marine Corps' operational requirements. The Marine Corps plans for initial operating capability in 2019. Full Article
Spirit Aerosystems Holdings Inc Sued By Investor
Shareholder rights attorneys at Robbins Arroyo LLP announced that a purchaser of Spirit AeroSystems Holdings Inc securities has filed a complaint in the U.S. District Court for the District of Kansas. The complaint alleges that Spirit AeroSystems and certain of its officers and directors violated the Securities Exchange Act of 1934 between May 5, 2011 and October 24, 2012 (the Class Period). Spirit AeroSystems, through its subsidiaries, designs and manufactures commercial aerostructures worldwide. The complaint charges that during the Class Period, the Spirit AeroSystems issued a series of materially false and misleading statements concerning the company's operations and business. Specifically, the complaint alleges that the company misled investors regarding the company's future cash flows and potential cost overruns and that its financial statements were false and misleading throughout the class period. According to the complaint, those statements were false and/or misleading because the company failed to disclose that: (i) the company was struggling to execute its diversification and growth strategy while expanding its customer-base, manufacturing sites, and product design capabilities; and (ii) the company lacked adequate internal and financial controls, especially with respect to cost overruns on its largest programs. Full Article
Law Offices of Todd M. Garber Announces Investigation Of Spirit Aerosystems Holdings Inc
Law Offices of Todd M. Garber announced that it is investigating potential claims against Spirit AeroSystems Holdings Inc concerning possible violations of federal securities laws. The investigation focuses on certain statements issued by Spirit AeroSystems between May 5, 2011 and October 24, 2012 regarding the Company`s business and operations. The investigation concerns allegations that during the foregoing period Spirit AeroSystems misrepresented or failed to disclose the Company`s difficulties executing its diversification and growth strategy and that the Company had inadequate internal and financial controls over cost overruns on certain of its aerostructure programs, including its 787 program, G650 Wing program, BR725 program and G280 Wing program. Full Article
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Spirit Aerosystems Holdings Inc
Glancy Binkow & Goldberg LLP announced that a class action lawsuit has been filed in the United States District Court for the District of Kansas on behalf of a class (the Class) comprising all purchasers of the securities of Spirit AeroSystems Holdings Inc between May 5, 2011 and October 24, 2012, inclusive (the Class Period). The Complaint alleges that throughout the Class Period the defendants issued false and misleading statements concerning the Company`s business and operations. Specifically defendants misrepresented or failed to disclose that: (1) the Company was having difficulty 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; (2) the Company`s internal and financial controls were inadequate, specifically its controls over cost overruns on its 787 program, G650 Wing program, BR725 program and the G280 Wing program; and (3) as a result of the above, the Company`s financial statements were materially false and misleading at all relevant times. Full Article
Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Spirit Aerosystems Holdings Inc
Ryan & Maniskas, LLP announced 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 common stock during the period between May 5, 2011 and October 24, 2012, inclusive (the Class Period). 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. Full Article
Plane supplier Spirit AeroSystems posts higher profit
- Spirit AeroSystems Holdings Inc , a supplier to Boeing and other jet makers, reported a higher-than-expected quarterly profit as parts deliveries rose.

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