NEW YORK, Dec. 07, 2018 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against The Boeing Company (“Boeing” or the “Company”) (NYSE: BA) and certain of its officers. The class action, filed in United States District Court, Northern District of Illinois, and indexed under 18-cv-07853, is on behalf of a class consisting of all persons and entities, other than Defendants and their affiliates, who purchased or otherwise, acquired Boeing common stock between February 8, 2017, and November 13, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Boeing securities between February 8, 2017, and November 13, 2018, both dates inclusive, you have until January 28, 2019, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Boeing designs, develops, manufactures, sales, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight, and launch systems and services worldwide.
Boeing operates in four business segments: Commercial Airplanes; Defense, Space & Security; Global Services; and Boeing Capital. The Commercial Airplanes segment provides commercial jet aircraft for passenger and cargo requirements, and fleet support services, principally to the commercial airline industry. This segment is a leading producer of commercial aircraft and offers a family of commercial jetliners designed to meet a broad spectrum of global passenger and cargo requirements of airlines. This family of commercial jet aircraft in production includes the 737 narrow-body model and the 747, 767, 777 and 787 wide-body models. Development continues on the 787-10 and certain 737 MAX derivatives and the 777X program.
The first 737 MAX 8 was delivered to customers in May 2017. The 737 MAX included a new automated stall-prevention system, designed to assist cockpit crews to avoid mistakenly raising a plane’s nose dangerously high. Upon delivery, Boeing touted the 737 Max as “chang[ing] the face of the single-aisle market”.
On October 29, 2018, a Boeing 737 aircraft operated by the Indonesian airline Lion Air crashed shortly after takeoff, killing all passengers and crew.
Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s new 737 MAX automated stall-prevention system was susceptible to deadly malfunctions; (ii) Boeing maintained inadequate internal controls to ensure the timely reporting and dissemination of such malfunctions; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On November 12, 2018, post-market, The Wall Street Journal published an article entitled “Boeing Withheld Information on 737 Model, According to Safety Experts and Others.” Citing “safety experts involved in the investigation, as well as midlevel [Federal Aviation Administration] officials,” the article reported that 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.”
Following this news, Boeing’s stock price fell $12.31 per share over the following two trading sessions, or roughly 3.4%, to close at $344.72 per share on November 14, 2018. Over the 11 days following the publication of the Wall Street Journal article, Boeing’s stock price fell a total of $44.71 per share, or roughly 12.5%, to close at $312.32 per share on November 23, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 9980
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