NEW YORK–(BUSINESS WIRE)–The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed on behalf of investors who acquired Spirit Aviation Holdings, Inc. (“Spirit” or the “Company”) (OTC:FLYYQ) (NYSE:FLYY) securities during the period of May 28, 2025 through August 29, 2025, inclusive (“the Class Period”).
If you suffered a loss on your Spirit investments, you have until December 1, 2025 to request lead plaintiff appointment. Follow the link below for more information:
[CONTACT THE FIRM IF YOU SUFFERED A LOSS]
What Happened?
On August 11, 2025, Spirit filed a quarterly report for the second quarter of fiscal year 2025 ended June 30, 2025. Spirit disclosed that “there is substantial doubt as to the Company’s ability to continue as a going concern within 12 months” citing, among other things, “adverse market conditions” and “minimum liquidity covenants in the Company’s debt obligations and credit card processing agreement that require financial results to improve at a rate faster than what the Company is currently anticipating.” On this news, the price of Spirit shares declined by $1.44 per share, or approximately 40.68%, from $3.54 per share on August 11, 2025 to close at $2.10 on August 12, 2025.
That same month, on August 29, 2025, Spirit issued a press release disclosing, among other things, that “the Company has filed voluntary petitions for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York” and that “the Company’s shares are expected to be cancelled and have no value as part of Spirit’s restructuring.”
On the next trading day, September 2, 2025, the NYSE suspended trading of Spirit’s common stock. As Spirit explained in an SEC filing on September 3, 2025, the Company had received a notice from the regulatory staff of the on September 2, 2025, wherein the NYSE Regulation notified Spirit that it “had determined to commence proceedings to delist the common stock of the Company” and, accordingly, trading in Spirit’s common stock “was suspended immediately on September 2, 2025.”
Following the foregoing disclosures and developments, the price of Spirit shares declined by $0.71 per share, or approximately 58.2%, from $1.22 per share on September 2, 2025 to close at $0.51 per share on September 3, 2025—the first day that the Company’s common stock began trading on the over-the-counter market under the ticker symbol “FLYYQ.”
What Is The Lawsuit About?
The lawsuit that Defendants made false and/or misleading statements and/or failed to disclose that: (i) Spirit was at substantial risk of being unable to meet certain of its debt and other financial obligations; (ii) Spirit was also at substantial risk of being forced to file for Chapter 11 bankruptcy protection within a mere matter of months; and (iii) Defendants accordingly overstated enhancements to Spirit’s financial condition, liquidity, and overall business and operations, while simultaneously downplaying the negative impacts of adverse market conditions on the same.
What Should I Do?
If you purchased or otherwise acquired Spirit securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at [email protected], or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.
[CLICK HERE TO LEARN MORE ABOUT THE CLASS ACTION]
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1171
https://www.kmllp.com
[email protected]
