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BA.US
id: 825

Boeing (BA) 737 MAX Case on Misleading

N.D. Illinois
Court
1:19-cv-02394
Case number
07 Nov 2018
Class period Start
16 Dec 2019
Class period End
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.
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
16 December 2019
Filing date
08 April 2019
Judge
Hon. William F. Kuntz, II
Collecting participants…

Boeing Co

The Boeing Company, together with its subsidiaries, designs, develops, manufactures, sells, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space ...

    Ticker
    BA.US
    ISIN
    US0970231058
    CIK
    12927
    Sector
    Industrials
    Industry
    Aerospace & Defense
    Country
    USA
    Address
    929 Long Bridge Drive, Arlington, VA, United States, 22202