A New York law firm said Wednesday it is investigating whether Spirit AeroSystems violated federal securities laws last month after the company announced it would take a $590 million charge in the third quarter, a move that surprised analysts.
“The news threw into question the company’s profit for the quarter, and raised questions about Spirit’s ability to forecast performance,” Bronstein, Gewirtz & Grossman officials said in a statement.
Spirit AeroSystems spokesman Ken Evans said in an e-mail Wednesday that after the Oct. 25 announcement of the charge, law firm advertisements indicated that they were starting investigations.
“We understand that certain types of law firms make such announcements on a routine basis following the release of disappointing financial news,” Evans said. “Spirit has not violated the law and is confident that an investigation would so indicate.”
While Spirit must continue to improve its performance, the company has a strong balance sheet, a significant backlog and company health, and its long-term outlook remains good, Evans said.
Bronstein, Gewirtz & Grossman calls itself a “corporate litigation boutique” with expertise in the “aggressive pursuit of litigation claims on behalf of our clients.”