Press release from Business Wire
Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of Spirit AeroSystems Holdings, Inc.
Friday, October 26, 2012
Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of Spirit AeroSystems Holdings, Inc.11:20 EDT Friday, October 26, 2012 SAN DIEGO (Business Wire) -- Shareholder Rights Law Firm Johnson & Weaver, LLP announces that it is investigating whether certain officers and directors of Spirit AeroSystems Holdings, Inc. ("Spirit") (NYSE symbol: SPR) engaged in improper conduct or breached their fiduciary duties to shareholders in violation of state and federal securities laws. Spirit designs and manufactures structural components for aircraft. On October 25, 2012, Spirit stunned investors when it announced for the first time that it expected to record charges against 2012 earnings totaling $590 million, attributed to significant operational problems across multiple product lines. Spirit's common stock dropped by 30% in a single day, to $15.11 per share on the news. “Just less than three months ago, Spirit announced full-year guidance for 2012, describing the Company's operating performance as ‘Strong' and ‘Solid,'” said David Elliot, an attorney at Johnson & Weaver. The guidance showed significant increases in 2012 in Revenues, Earnings, and Cash Flow from Operations, with no mention of any operational problems or potential charges against those earnings. Mr. Elliot explained that “our investigation focuses on whether certain officers and directors of Spirit breached their fiduciary duties by failing to timely inform investors of material adverse information, specifically that undisclosed problems in numerous product lines would cause an estimated $590 million charge against earnings in 2012.” Investors who purchased shares of Spirit common stock at any time before October 25, 2012, and who either currently still own shares or sold their shares at a loss on the news may have legal rights to compensation. Johnson & Weaver, LLP invites Spirit shareholders who are concerned about their legal rights and remedies, as well as others who may have information about the above, to contact attorney David Elliot at (619) 230-0063 or email@example.com. Johnson & Weaver, LLP is a nationally recognized shareholders' rights law firm. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Johnson & Weaver, LLPDavid Elliot, firstname.lastname@example.org