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The Boeing Company (NYSE: BA) Investor Securities Class Action Lawsuit 04/09/2019

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Lawsuit Overview

Company
Boeing Company (The)
Security
NYSE: BA

Case Name
Boeing Shareholder Class Action Lawsuit 04/09/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of Illinois

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Summary

February 14, 2020 - A consolidated complaint was filed.

April 8, 2019 - An investor in shares of The Boeing Company (NYSE: BA) filed a lawsuit in the U.S. District Court for the Northern District of Illinois over alleged violations of Federal Securities Laws by The Boeing Company in connection with certain allegedly false and misleading statements made between January 8, 2018 and March 21, 2019.

On November 12, 2018, the Wall Street Journal published an article titled Boeing Withheld Information on 737 Model, According to Safety Experts and Others. According to the article, Boeing withheld information about potential hazards associated with a new flight-control feature suspected of playing a role in last month's fatal Lion Air jet crash[.]

On March 10, 2019, an Ethiopian Airlines-operated Boeing 737 Max 8 model airplane crashed in Addis Ababa, Ethiopia, shortly after take-off, killing all 157 people onboard. In the wake of the crash, regulators in China and several other countries grounded all Boeing 737 Max 8 jets. Shares of The Boeing Company (NYSE: BA) declined from $446.01 per share on March 1, 2019 to as low as $363.33 per share on March 14, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of The Boeing Company (NYSE: BA) common shares between January 8, 2018 and March 21, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that The Boeing Company concealed critical facts concerning the 737 MAX airplanes from investors, including the fact that Boeing designed and sold as “extras” or “optional features” safety features designed to prevent accidents such as the Lion Air and Ethiopian Airline crashes, that The Boeing Company also hid the fact that most airlines, including United, did not purchase these safety features, that The Boeing Company failed to disclose that Boeing had received delegated authority from the FAA over the safety analysis of the Maneuvering Characteristics Augmentation System (MCAS) – the system reportedly responsible for the crashes – that the Company delivered to the FAA, all while rushing the 737 MAX to market, and that The Boeing Company knew that it had a clear conflict of interest and that its certification was undermined by the Company’s desire to rush the 737 MAX to market, despite decreased safety, in order to compete with Airbus.