Step 1

Draft

Step 2

Unite with Fellow Investors

Step 3

Choose the Best Attorney

Step 4

Provide Documents

Step 5

Follow Case Progress

Step 6

Get Payout

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.
Boeing announced that it would halt deliveries of its 737 MAX aircraft due to a supplier quality problem. Bloomberg identified Spirit AeroSystems Holdings, Inc. (SPR) as the supplier of the faulty part. 
$SPR price fell  20.7%, damaging investors.
Investors suspect Spirit & its Leaders of negligance & misleading, which led to investment losses for shareholders.
On April 13, 2023, Boeing announced that it would halt deliveries of its 737 MAX aircraft due to a supplier quality problem. According to an article by Barron’s, Boeing issued a statement stating that “the issue will likely affect a significant number of undelivered 737 MAX airplanes.”
Bloomberg identified Spirit AeroSystems Holdings, Inc. (SPR) as the supplier of the faulty part. 
An article by Reuters reported that “the problem involves the installation of two fittings that join the aft fuselage made by Spirit to the vertical tail, which were not attached correctly to the structure of the fuselage before it was sent to Boeing.” 
Reuters also reported that “Spirit said it is working to develop an inspection and repair for the affected fuselages” and that “the problem is believed to date back to 2019.”
On this news, the $SPR price fell  20.7%, damaging investors.

Taking all the facts into account, Investors have reasons to suspect Spirit and its Leaders of negligance and misleading which led to investment losses for shareholders. Specifically, the complaint alleges: 
that Spirit lacked effective production quality controls;
that, as a result, Spirit incorrectly installed fittings designed to join the aft fuselage to the vertical tail for some Boeing 737 Max airplanes that Spirit sent to Boeing; 
that, as a result, Spirit would have to develop an inspection and repair procedure for the affected fuselages; 
that the foregoing would negatively impact Spirit’s financial results; and 
that as a result of the foregoing, Defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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

Trusted by industry leaders

Endorsed by top professionals who trust our innovative solutions to drive impactful results.