Lawsuit filed for Investors who lost money with shares of Spirit Aviation Holdings, Inc. (OTC: FLYYQ)

An investor, who purchased shares of Spirit Aviation Holdings, Inc. (OTC: FLYYQ), filed a lawsuit over alleged violations of Federal Securities Laws by Spirit Aviation Holdings, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased a significant amount of shares of Spirit Aviation Holdings, Inc. (OTC: FLYYQ) between May 28, 2025 and August 29, 2025, have certain options and for certain investors are short and strict deadlines running. Deadline: December 1, 2025. OTC: FLYYQ investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Spirit Aviation Holdings, Inc. (OTC: FLYYQ) is the parent company of Spirit Airlines, LLC, an ultra-low-cost American airline that provides passenger air transportation services for destinations throughout the United States ("U.S."), Latin America, and the Caribbean.

In November 2024, Spirit's predecessor entity, Spirit Airlines, Inc. ("Former Spirit") and its subsidiaries (collectively with Former Spirit, the "Corporate Debtors") filed a voluntary petition for Chapter 11 bankruptcy protection after years of mounting losses and increased competition, among other issues.
In March 2025, the Corporate Debtors satisfied the conditions precedent to consummation of a pre-arranged Chapter 11 plan of reorganization (the "Plan of Reorganization"), whereby, inter alia, the Corporate Debtors emerged from Chapter 11 bankruptcy protection. In connection with the Plan of Reorganization, Former Spirit completed a corporate reorganization pursuant to which Spirit became the new parent company of the Corporate Debtors, with Former Spirit becoming a wholly owned subsidiary of Spirit and converted from a Delaware corporation to a Delaware limited liability company.
In late April 2025, Spirit Aviation Holdings, Inc announced that its common stock had been approved for listing on the NYSE American ("NYSE"), with public trading to begin on April 29, 2025 under the ticker symbol "FLYY."

Spirit Aviation Holdings, Inc. (OTC: FLYYQ) reported that its annual Total Revenue declined from over $5.36 billion in 2023 to over $4.91 billion in 2024, and that its Net Loss increased from $447.46 million in 2023 to over $1.22 billion in 2024.

On August 11, 2025, Spirit Aviation Holdings, Inc filed a quarterly report on Form 10-Q with the U.S. Securities and Exchange Commission ("SEC") for the period ended June 30, 2025. Therein, Defendants disclosed that "there is substantial doubt as to the Company's ability to continue as a going concern within 12 months[,]" citing, inter alia, "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."

That same month, on August 29, 2025, Spirit Aviation Holdings, Inc issued a press release wherein it disclosed, inter alia, 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 "[t]he [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 Aviation Holdings, Inc'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 NYSE (the "NYSE Regulation") 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."

Spirit Aviation Holdings, Inc. (OTC: FLYYQ) declined from $6.40 per share on May 28, 2025, to as low as $0.161 per share on September 05, 2025.

The plaintiff claims that between May 28, 2025 and August 29, 2025, the Defendants made false and/or misleading statements and/or failed to disclose that Spirit Aviation Holdings, Inc. was at substantial risk of being unable to meet certain of its debt and other financial obligations, that Spirit Aviation Holdings, Inc. was also at substantial risk of being forced to file for Chapter 11 bankruptcy protection within a mere matter of months, that accordingly, Defendants had 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, and that as a result, Defendants' public statements were materially false and misleading at all relevant times.

Those who purchased shares of Spirit Aviation Holdings, Inc. (OTC: FLYYQ) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.