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SPR.US

id: 698

Spirit AeroSystems (SPR) Case

Late claims are being considered for compensation, subject to approval.

$29,200,000

Cash Settlement

S.D. New York

Court

1:23-cv-03722

Case number

04/08/2020

Class period Start

09/07/2023

Class period End

01/30/2026

Claim deadline

Spirit AeroSystems ($SPR) has agreed to settle $29.2M with investors to resolve claims that it failed to maintain effective production quality controls and misled investors about defects in parts supplied for Boeing’s 737 MAX aircraft.

Outline:

Spirit AeroSystems manufactured fuselage sections used in Boeing’s 737 MAX aircraft. Investors later alleged the company failed to disclose problems with improperly installed fittings on certain aircraft components. In April 2023, Boeing halted deliveries of some 737 MAX aircraft after identifying a supplier quality issue. After the stock dropped and investors filed suit, Spirit AeroSystems later agreed to a $29.2 million settlement.

Timeline:
April 13, 2023: Boeing announced a halt to certain 737 MAX deliveries due to a supplier quality issue affecting multiple aircraft.
April 13, 2023: Reports identified Spirit AeroSystems as the supplier and described improperly installed fittings on the aft fuselage.
April 13, 2023: $SPR dropped about 20.7% following the disclosures.
May 3, 2023: Investors filed a securities class action lawsuit.
August 8, 2025: The parties filed a stipulation of settlement for $29.2 million.
Background:

Spirit AeroSystems is a major aerospace supplier that manufactures fuselage components for Boeing aircraft, including the 737 MAX. The company’s production processes and quality controls play a key role in ensuring aircraft components meet required standards.

In April 2023, Boeing disclosed a quality issue affecting certain undelivered 737 MAX aircraft. Reports later indicated that improperly installed fittings on fuselage sections supplied by Spirit AeroSystems were involved in the issue.

The problem required inspections and repairs of affected fuselage components and delayed deliveries of some aircraft. The issue was also reported to potentially trace back to production practices dating to 2019.

Investors later alleged that Spirit AeroSystems failed to maintain effective quality controls and did not adequately disclose the risk of defects affecting its aircraft components. Following the disclosures, $SPR declined sharply and shareholders filed a securities class action lawsuit.

What Can Investors Expect Now?

Spirit AeroSystems agreed to a $29.2 million settlement with $SPR investors to resolve claims tied to statements about production quality controls and defects affecting parts supplied for Boeing’s 737 MAX aircraft.

If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section.

Case Type

US Securities Class Action

Case Status

Accepting Late Claims

Alleged Offence

Misleading Statements,

Failure to Disclose,

Negligence,

Breach of Fiduciary duty,

Omissions

Suspected Party

Directors,

Management,

Service Provider

Security Type

Stocks

Trade Direction

Long

Payout per Share

0.34

Filing date

05/03/2023

Lead Plaintiff Deadline

07/03/2023

Plaintiffs

Attorneys

Glancy Prongay & Murray LLP

Administrator

EPIQ

Attorney fee

$8,973,000

Trades matching type

FIFO

Frequently Asked Questions

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