Press release from Business Wire
18 Days Remain before Lead Plaintiff Deadline in Spirit AeroSystems Holdings, Inc. Class Action, Hagens Berman Reminds Investors
Tuesday, July 16, 2013
18 Days Remain before Lead Plaintiff Deadline in Spirit AeroSystems Holdings, Inc. Class Action, Hagens Berman Reminds Investors09:30 EDT Tuesday, July 16, 2013
BERKELEY, Calif. (Business Wire) -- Hagens Berman Sobol Shapiro, LLP, a national investor-rights law firm, today reminded investors that only 18 days remain before the Aug. 2, 2013 deadline in a securities class action lawsuit filed against Spirit AeroSystems Holdings, Inc. (NYSE: SPR) (“SPR” or “the Company”). Investors who suffered significant losses are welcome to contact Hagens Berman Partner Peter Borkon by emailing SPR@hbsslaw.com or calling (510) 725-3000.
Investors who purchased SPR common stock between May 5, 2011, and Oct. 24, 2012, inclusive (the “Class Period”), suffered significant losses and wish to be a lead plaintiff in the pending class action, you may also contact Mr. Borkon by submitting information at http://www.hb-securities.com/investigations/SPR.
On Oct. 25, 2012, SPR disclosed for the first time that it expected to record $590 million in charges against 2012 and future years' earnings, attributed to significant operational problems in its product lines. The impending charges may result in write-downs of nearly 20 percent of SPR's contractual revenues. Following the disclosure, SPR's stock price fell sharply by $6.55 per share—or 30 percent—to close at $15.11 on Oct. 25, 2012.
Hagens Berman is investigating whether or not SPR was aware of these charges prior to the disclosure and if the company made false and/or misleading statements that led to significant investor losses.
“We believe that SPR was not forthcoming with its investors,” said Mr. Borkon. “On the heels of significant insider selling, the company announced nearly $600 million in charges. Insiders must have known these charges would have a material impact on the stock price – that alone raises a lot of questions.”
Investors who wish to serve as lead plaintiff in the case must move the court no later than Aug. 2, 2012. Any investor during the Class Period may file to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Hagens Berman reminds whistleblowers with inside information that rewards may be available to individuals who report information leading to a successful enforcement action by the Securities and Exchange Commission. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
About Hagens Berman
Hagens Berman Sobol Shapiro, LLP is an investor-rights class-action law firm with offices in 10 cities. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the law firm and its successes can be found at www.hbsslaw.com. The Firm's securities law blog is at http://www.meaningfuldisclosure.com.
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