SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of The Boeing Company (“Boeing” or the “Company”) (NYSE: BA) between January 8, 2019 and March 21, 2019, inclusive (the “Class Period”).
If you purchased or otherwise acquired Boeing securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than June 10, 2019. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the actions.
Boeing investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Boeing Securities Class Litigation
Boeing is incorporated in Delaware with its principal executive offices located in Chicago, Illinois.
During this Class Period, Plaintiffs allege that Boeing falsely claimed in its February 2019 10-K that it is “committed to being the leader in commercial aviation by offering airplanes and services that deliver superior design, efficiency and value to customers around the world.” Boeing likewise issued press releases during the Class Period about the sale of its 737 MAX planes that failed to disclose that safety features did not come with the plane unless bought as “extra” features.
On October 29, 2018, shortly after takeoff, Boeing 747 Max airplane flying Lion Air Flight 610 crashed. On March 10, 2019, a second Boeing 747 MAX crashed. Ethiopian Airlines Flight 302 went down a few minutes after takeoff with 157 passengers and crew on board. The next day, Ethiopian Airlines grounded its 737 MAX 8. Similarly, the China Civil Aviation Administration grounded the 737 MAX 8. On this news, the price of Boeing common stock fell $47.13 per share, or 11.2%, during the following two trading days, closing at $375.41 on March 12, 2019.
On March 17, 2019, The Seattle Times released an investigative report that the original safety analysis for the Boeing 747 MAX that Boeing sent to the FAA had several crucial flaws and that the FAA had given Boeing increasing authority to certify the safety of its own airplanes. On March 18, 2019, Bloomberg reported that U.S. federal authorities had begun exploring a criminal investigation into how Boeing’s 737 MAX was certified to fly passengers before the Ethiopian crash. Following these press reports, the price of Boeing stock fell $6.71 per share on March 18, 2019.
On March 21, 2019, The New York Times reported in an article entitled, “Doomed Boeing Jets Lacked 2 Safety Features That Company Sold Only as Extras,” that Boeing hid from investors, pilots, and passengers, the fact that the software system that could have fixed the issue that led to the crashes was not a standard feature but that airlines had to pay more for this “extra” or “optional feature” as a way for Boeing to decrease the purchase price of the airplane. Following this news, of the price of Boeing stock fell $10.53 per share, or 3%, to close at $362.17 on March 22, 2019.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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