The people at Boeing probably expected more bad news and today they got some when Bernstein Liebhard LLP, a New York-based law firm filed a class action suit in the Northern District of Illinois against Boeing. The suit was filed on behalf of people who purchased, “securities of Boeing, Inc. (“Boeing” or the “Company”) (NYSE: BA) during the period of January 8, 2019 through March 21, 2019.”
More Bad News for Boeing
Key Takeaways:
- A New York-based law firm has filed a class action lawsuit against Boeing on behalf of investors who purchased securities between January 8 and March 21, 2019.
- The suit alleges Boeing made misrepresentations about the safety of its 737 Max airplanes, violating the Securities Exchange Act of 1934.
- Specifically, plaintiffs claim Boeing concealed that the 737 Max lacked critical safety features sold as "optional" add-ons, which most airlines did not purchase.
- It is also alleged that the FAA delegated oversight and certification of a Boeing safety system to the company itself, creating a conflict of interest as Boeing rushed the 737 Max to market.
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