NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of those who acquired The Boeing Company (“Boeing” or the “Company”) (NYSE: BA) securities during the period from January 8, 2019 through March 21, 2019 (the “Class Period”). Investors have until June 10, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Boeing made false and misleading statements and/or failed to disclose that (i) the 737 MAX airplanes were in fact so less safe than previous models that they included undisclosed “hacks” in an attempt to overcome these safety concerns created by engineering compromises and lacked safety features which Boeing sold as “optional” add-ons which were designed to help address these safety concerns; (ii) that most airlines did not purchase these safety “options”; and (iii) that the FAA handed oversight and certification of Boeing’s MCAS to Boeing, which had a clear conflict of interest as it was rushing the 737 MAX to market.
On March 10, 2019, 157 people perished after an Ethiopian Airlines-operated Boeing 737 Max 8 jet crashed in Addis Ababa, Ethiopia shortly after takeoff. In the wake of the crash, regulators in China and several other countries grounded all Boeing 737 Max 8 jets. On this news, Boeing’s stock price fell $47.13, approximately 11.2%, during the next two trading days to close at $375.41 on March 12, 2019.
If you acquired Boeing securities during the Class Period, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
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