SAN FRANCISCO, CA / ACCESSWIRE / February 13, 2020 / Hagens Berman urges investors in Spirit AeroSystems Holdings, Inc. (SPR) who have suffered significant losses to submit their losses now. A securities class action has been filed, and certain investors may have valuable claims.
Spirit AeroSystems Holdings, Inc. (SPR) Securities Class Action:
The Complaint alleges Defendants misled investors by misrepresenting and failing to disclose that (1) Spirit lacked effective internal controls over financial reporting; (2) the Company was violating its established accounting principles related to potential contingent liabilities; and, as a result, (3) Defendants' financial reporting and statements about Spirit's business, operations, and prospects were misleading.
On Jan. 30, 2020, investors began to learn the truth when 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 on Jan. 30, 2020.
"We're focused on investors' losses and proving 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.
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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
SOURCE: Hagens Berman Sobol Shapiro LLP
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