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BA.US
id: 1082, Created by , Scout

Boeing Company (BA) Boeing 737 MAX Safety Issues Case

E.D. Virginia
Court
1:24-cv-00151
Case number
23 Oct 2019
Class period Start
24 Jan 2024
Class period End
  • $BA stockholder filed a claim vs. Boeing for not disclosing risking flaws in 737 MAX aircraft production.
  • The news about the Boeing 737 MAX and FAA grounding order caused $BA to fall 8%, losing $12.1B+ of shareholder value.
On January 5, 2024, a Boeing 737 aircraft operated by Alaska Airlines experienced an in-flight departure of an in-cabin door plug, causing the cabin to become depressurized and forcing an emergency landing.

Following this accident, on January 6, 2024, the Federal Aviation Administration issued a grounding order, stating that
  • Boeing 737-9 aircraft will remain grounded until operators complete enhanced inspections which include both left and right cabin door exit plugs, door components, and fasteners
  • And that operators must also complete corrective action requirements based on findings from the inspections prior to bringing any aircraft back into service.
On this news, $BA fell 8% and lost over $12.1 billion of its market capitalization, seriously damaging shareholders.

Based on these events, $BA stockholder filed a claim against Boeing and its leaders, accusing them of the following points:
  • Boeing misled investors by prioritizing profits over safety in 737 MAX production;
  • Concealed risks led to manufacturing flaws and safety concerns, and the news about it damaged shareholders.
Considering all the information, investors might have reasons to suspect Boeing of systemic problems with aircraft safety, which led to their losses.
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
08 January 2024
Filing date
30 January 2024
Lead Plaintiff Deadline
01 April 2024
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