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Home News Spirit AeroSystems and Mobileye under investigation by law firm for violations of law

Spirit AeroSystems and Mobileye under investigation by law firm for violations of law

by Celia

In a recent development, Bragar Eagel & Squire, P.C., a law firm specializing in shareholder rights, has launched investigations into Spirit AeroSystems Holdings, Inc. (NYSE: SPR) and Endeavour Mining plc (OTC: EDVMF). The investigations are centered around potential federal securities law violations and other questionable business activities following recent incidents that have adversely affected the stock prices of these companies.

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Spirit AeroSystems faced scrutiny following an incident involving an Alaska Airlines Boeing 737 aircraft on January 5, 2024. During the flight, a cabin door plug detached, leading to cabin depressurization and necessitating an emergency landing. On January 6, in response to the incident, the Federal Aviation Administration (FAA) mandated the grounding of Boeing 737-9 aircraft until thorough inspections and corrective actions are completed. This development resulted in a significant decline in Spirit’s stock price, dropping by $3.53 per share, or 11.13%, by the market close on Monday, January 8, 2024.

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Concurrently, Bragar Eagel & Squire, P.C. has turned its attention to Endeavour Mining plc after the company’s Board of Directors terminated President and CEO Sebastien de Montessus on January 4, 2024. The dismissal was attributed to “serious misconduct” related to an unauthorized $5.9 million payment instruction concerning an asset disposal. This decision prompted a decrease in Endeavour’s stock price by $2.20 per share, or 10.14%, concluding the day at $19.50 per share.

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Known for representing both individual and institutional investors in complex litigation across various state and federal courts in the United States, Bragar Eagel & Squire, P.C.’s investigations aim to uncover potential legal actions if violations are substantiated. The law firm remains committed to safeguarding shareholder rights and holding companies accountable for any breaches of securities laws and illicit business practices.

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