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id: 825, Created by Stan Vick, Scout
Boeing (BA) 737 MAX Case on Misleading
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The Boeing (BA) 737 MAX suffered a recurring failure in the Maneuvering Characteristics Augmentation System (MCAS), causing two fatal crashes, Lion Air Flight 610 and Ethiopian Airlines Flight 302, in which 346 people died.
- According to the SEC, Boeing knew after the first crash that a flight control system posed a safety issue, but assured the public that the 737 MAX airplane was "as safe as any that has ever flown the skies."
- In September 2022, $BA agreed to pay $200 million to settle civil charges by the SEC that it misled investors about its 737 MAX, which was grounded for 20 months after two fatal crashes.
Well-known captain “Sully” Sullenberger characterized the final version of MCAS as a “death trap.” In an October 13, 2019 letter to the editor of The New York Times Magazine, Sullenberger said that he is “one of the few who have flown a Boeing 737 MAX Level D full motion simulator” and that “the MCAS design should never have been approved, not by Boeing, and not by the FAA.”
Investors suspect that $BA and Accountables failed to disclose significant issues, including legal troubles, the grounding of the 737 MAX fleet, and problems with automated flight systems, leaving pilots unprepared.
Failure to Disclose,
Shock Event Date
16 December 2019
08 April 2019
Hon. William F. Kuntz, II
19 September 2023
$BA 737MAX Case Update:
An Illinois federal judge ruled that equity funds accusing Boeing of fraudulently downplaying safety issues with the 737 Max jets can only pursue claims related to statements made by $BA and top executives following the Ethiopian Airlines Flight 302 crash in March 2019, not any statements made prior to that incident.