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 (NYSE: BA) 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 know to management in self-certifying and the separate charges for "extra" but necessary safety equipment many airlines opted to forego.
A second suit, Busch v. The Boeing Company, No. 1:19-cv-03548, filed May 28, 2019, is based on the same conduct but extends the class period to cover revelations through May 8, 2019.
If you purchased or otherwise acquired securities of Boeing common stock between January 8, 2019 and May 8, 2019 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 BA@hbsslaw.com.
News concerning Boeing's relatively new 737 MAX airplanes have continued to unravel following the March 10, 2019 Ethiopian Airlines flight ET302 crash and the ealier Lion Air crash.
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.”
Recently, the Wall Street Journal reported U.S. aviation regulators and congressional investigators are looking into complaints by roughly a dozen purported whistleblowers alleging safety problems with Boeing’s beleaguered 737 MAX jets.
The WSJ reported on April 29, 2019 that Boeing didn’t tell Southwest Airlines Co. and other carriers when they began flying 737 MAX jets that a safety feature found on earlier models that warns pilots about malfunctioning sensors had been deactivated.
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.
YOUR INVESTOR RIGHTS
Hagens Berman believes that investors should be protected from corporate securities fraud and have the right to recover losses incurred in what they thought was a fiscally sound investment. Investing is a speculative business involving assessment of a variety of risks that can only be properly weighed with full disclosure of accurate information. No investor should suffer undue risk or incur losses due to misrepresentations related to their investment decisions. The firm vigorously pursues fraud recovery litigation, forcing corporations and mutual funds to answer to deceived investors.
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Hagens Berman is one of the country’s leading securities litigation law firms in the U.S. and is presently leading and investigating nationwide securities and derivative cases against some of the largest U.S. and international corporations for securities fraud, false and misleading statements, and/or Director waste, breach of fiduciary duty, or other malfeasance. Our firm’s independent research outpaces even government agencies, and we are the only firm dedicating its own resources to uncovering new instances of fraud. Hagens Berman has also taken on other corporations on behalf of investors throughout the United States for misleading or harming investors, and your claim will be handled by attorneys experienced in securities litigation.
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There is no cost or fee whatsoever involved in participating in this action. In the event Hagens Berman or any other firm obtains a settlement that provides benefits to class members, the court will decide a reasonable fee to be awarded to the class' legal team. In no case will any class member ever be asked to pay any out-of-pocket sum.
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