Bernstein Liebhard LLP Announces That A Class Action Has Been Filed On Behalf Of Boeing Investors
NEW YORK, April 10, 2019 /PRNewswire/ -- Bernstein Liebhard LLP announced today that a class action has been filed in the United States District Court for the Northern District of Illinois on behalf of all persons or entities (the "Class") who purchased the securities of Boeing, Inc. ("Boeing" or the "Company") (NYSE: BA) during the period of January 8, 2019 through March 21, 2019 (the "Class Period"). The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Boeing designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, and missiles worldwide. On October 29, 2018, a Boeing 737 Max 8 jet operated by the Indonesian airline Lion Air crashed shortly after takeoff, killing all passengers and crew. On November 12, 2018, the Wall Street Journal published an article reporting 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[.]"
Plaintiffs allege that Defendants made misrepresentations about the safety of the Company's 737 Max airplanes during the Class Period. Specifically, Defendants allegedly concealed that (1) the 737 Max airplanes lacked safety features which Boeing sold as "optional" add-ons; (2) most airlines did not purchase these safety "options"; and (3) the Federal Aviation Administration handed oversight and certification of one of Boeing's safety systems 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 March 11, 2019, Boeing's stock price fell $22.53, or over 5%, to close at $400.01 per share.
On March 21, 2019, The New York Times reported that Boeing had concealed from pilots and passengers that Boeing created two new safety features that it sold as "extras" or "optional features" to keep cost down. This news drove the price of Boeing shares down $10.53, or about 3%, on March 22, 2019.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Boeing securities during the Class Period. If you invested in Boeing securities as described above, and lost money on the transactions, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than June 10, 2019.
A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Boeing investor or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or [email protected].
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and been listed in The Legal 500 for ten consecutive years.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Northern District of Illinois.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
[email protected]
SOURCE Bernstein Liebhard LLP
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article