NEW YORK, Feb. 04, 2024 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Spirit AeroSystems Holdings, Inc. (NYSE: SPR), Equity Lifestyle Properties, Inc. (NYSE: ELS), and SiTime Corporation (NASDAQ: SITM). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Spirit AeroSystems Holdings, Inc. (NYSE: SPR)
On January 5, 2024, a Boeing 737 aircraft operated by Alaska Airlines experienced an in-flight departure of an in-cabin door plug, causing the cabin to become depressurized and forcing an emergency landing. On January 6, 2024, the Federal Aviation Administration issued a grounding order, stating that “Boeing 737-9 aircraft will remain grounded until operators complete enhanced inspections which include both left and right cabin door exit plugs, door components, and fasteners” and that “[o]perators must also complete corrective action requirements based on findings from the inspections prior to bringing any aircraft back into service.”
On this news, Spirit’s stock price fell $3.53 per share, or 11.13%, to close at $28.20 per share on January 8, 2024.
For more information on the Spirit investigation go to: https://bespc.com/cases/SPR
Equity Lifestyle Properties, Inc. (NYSE: ELS)
On January 22, 2024, Equity disclosed in a filing with the U.S. Securities and Exchange Commission (“SEC”) that, after initially concluding that an error in certain of the Company’s previously issued financial statements, “which relates solely to the classification of cash outflows associated with the purchase of manufactured homes in the Consolidated Statements of Cash Flows,” was immaterial, Equity’s Audit Committee subsequently determined that the error was, in fact, material to the financial statements at issue. Accordingly, Equity advised investors that its annual report for 2022 and its quarterly report for the first quarter of 2023 should no longer be relied upon.
On this news, Equity’s stock price fell sharply during intraday trading on January 23, 2024.
For more information on the Equity investigation go to: https://bespc.com/cases/ELS
SiTime Corporation (NASDAQ: SITM)
On January 25, 2024, SiTime disclosed in a filing with the U.S. Securities and Exchange Commission that the Company “has identified a correction required to be made in its historical condensed consolidated statements of cash flows for each of the first three quarters of 2023. The correction relates solely to the misclassification of ‘interest received upon maturity of held-to-maturity securities’ as an investing activity instead of as an operating activity in the respective condensed consolidated statements of cash flows in each of the first three quarters of 2023 (the ‘Misclassification’).” Accordingly, “[o]n January 22, 2024, management and the audit committee of the board of directors of the Company concluded that, as a result of the Misclassification and in accordance with, Staff Accounting Bulletin No. 99, ‘Materiality,'” the statements at issue were materially misstated, should no longer be relied upon, and will be restated. In addition, SiTime “concluded that, as a result of the Misclassification, a material weakness existed in the Company’s internal control over financial reporting as of March 31, 2023, June 30, 2023, and September 30, 2023, and that, because of this material weakness, the Company’s disclosure controls and procedures were not effective as of March 31, 2023, June 30, 2023, and September 30, 2023.”
On this news, SiTime’s stock price fell $4.60 per share, or 3.8%, to close at $116.53 per share on January 26, 2024.
For more information on the SiTime investigation go to: https://bespc.com/cases/SITM
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
