SAN FRANCISCO, Jan. 31, 2020 /PRNewswire/ -- Hagens Berman urges investors in Spirit AeroSystems Holdings, Inc. (NYSE: SPR) who have suffered significant losses to submit their losses now. The firm is actively investigating whether the Company and senior executives violated federal securities laws, and certain investors may have valuable claims.
Relevant Holding Period: Before Jan. 30, 2020
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Spirit AeroSystems Holdings, Inc. (SPR) Investigation:
The investigation centers on whether Spirit's financial reporting misled investors, including its accounting and disclosures with respect to contingent liabilities.
On Jan. 30, 2020, Spirit announced the abrupt departures of Chief Financial Officer Jose Garcia and Principal Accounting Officer John Gilson. The Company explained, "[i]n December 2019, the Company received information through its established compliance processes that led the Company to commence a review of its accounting process compliance" and "[a]s a result of the review, which is ongoing, the Company determined that it did not comply with its established accounting processes with respect to certain potential contingent liabilities received by the Company after the end of the third quarter of 2019."
This news drove the price of Spirit shares sharply lower during intraday trading on Jan. 30, 2020.
"We're focused on investors' losses and whether Spirit concealed certain liabilities to appear more liquid," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of Spirit and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Spirit should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SPR@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP