Boeing Company (NYSE: BA)
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Hagens Berman Sobol Shapiro LLP has filed a complaint on behalf of investors in The Boeing Company () alleging disclosure violations of the Federal securities laws relating to the safety of the 737 MAX, shortcuts known by management, FAA delegated self-certification and conflicts known to management in self-certifying and the separate charges for “extra” but necessary safety equipment many airlines opted to forego.
If you purchased or otherwise acquired securities of Boeing common stock between BA@hbsslaw.com.and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more infomation contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing
According to the complaint filed by Hagens Berman in the United States District Court for the Northern District of Illinois, Boeing concealed critical facts concerning the 737 MAX airplanes from investors, including the fact that Boeing designed and sold as “extras” or “optional features” safety features designed to prevent accidents such as the Lion Air and Ethiopian Airline crashes. Boeing also hid the fact that most airlines, including United, did not purchase these safety features.
In addition, Boeing failed to disclose that Boeing had received delegated authority from the FAA over the safety analysis of the Maneuvering Characteristics Augmentation System (MCAS) – the system reportedly responsible for the crashes – that the Company delivered to the FAA, all while rushing the 737 MAX to market. Boeing knew that it had a clear conflict of interest and that its certification was undermined by the Company’s desire to rush the 737 MAX to market, despite decreased safety, in order to compete with Airbus.
“The deadly risk of optional safety features, in addition to the conflict of interest posed Boeing self-certifying safety of its own planes were intentionally hidden from investors,” said Hagens Berman partner Reed Kathrein. “It has now become clear that Boeing put profitability and growth ahead of airplane safety and honesty to investors.”
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Boeing securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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