Press release from Business Wire
Spirit AeroSystems Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors
Tuesday, June 04, 2013
Spirit AeroSystems Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors13:35 EDT Tuesday, June 04, 2013
DALLAS (Business Wire) -- Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that a federal class action lawsuit has been filed against Spirit AeroSystems Holdings, Inc. (“Spirit AeroSystems” or “Company”) (NYSE: SPR). The firms are investigating additional legal claims against the officers and Board of Directors of Spirit AeroSystems during the period of May 5, 2011 and October 24, 2012 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
In a recently filed federal class action complaint, Spirit AeroSystems and certain of its officers and directors were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that among other things, defendants' misrepresented and/or failed to disclose that: (a) as the Company was expanding its customer-base, manufacturing sites, and product design capabilities it was struggling to execute its diversification and growth strategy while managing multiple development programs with significant design changes and schedule delays; and (b) 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. According to the complaint, when the true facts came to light and the Company announced that it expected to record charges against 2012 and future years' earnings, totaling $590 million, due to significant operational problems across multiple product lines, the price of the stock declined approximately 30%.
Shareholder rights attorney Willie Briscoe said, “Recent revelations about alleged improper business practices and procedures regarding key aspects of Spirit AeroSystems' business and other misleading financial statements have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by Spirit AeroSystems' officers and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of Spirit AeroSystems' stock for all shareholders.”
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
The Briscoe Law Firm, PLLC
Willie Briscoe, 214-239-4568
Powers Taylor, LLP
Patrick Powers, 877-728-9607