Airbus SE Class Action Lawsuit
- Company Name
- Airbus SE
- Stock Symbol
- EADSY; EADSF
- Class Period
- February 24, 2016 to July 30, 2020
- District of New Jersey
The Airbus SE class action lawsuit charges Airbus and certain of its officers with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of Airbus securities in the United States between February 24, 2016, and July 30, 2020, inclusive (the “Class Period”). The Airbus class action lawsuit was commenced on August 6, 2020 in the District of New Jersey and is captioned Kornecki v. Airbus SE, No. 20-cv-10084.
Airbus is a multinational aerospace corporation, operating through its Commercial Aircraft, Defense and Space, and Helicopters divisions.
The Airbus class action lawsuit alleges that during the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose: (i) that Airbus’s policies and protocols were insufficient to ensure Airbus’s compliance with relevant anti-corruption laws and regulations; (ii) that, consequently, Airbus had engaged in bribery, corruption, and fraud to enhance its business with respect to its commercial aircraft, helicopter, and defense deals; (iii) that, as a result, Airbus’s earnings were derived in part from unlawful conduct and therefore unsustainable; (iv) the full scope and severity of Airbus’s misconduct; (v) that resolution of government investigations of Airbus would foreseeably cost Airbus billions of dollars in settlements and legal fees and subject Airbus to significant continuing government investigation and oversight; and (vi) that, as a result, Airbus’s public statements were materially false and misleading at all relevant times.
The Airbus class action lawsuit alleges that the truth was revealed through a series of disclosures. For example, on August 8, 2016, Reuters reported that the United Kingdom’s (“U.K.”) Serious Fraud Office (“SFO”) had “opened a criminal investigation into allegations of fraud, bribery and corruption in the civil aviation business of Airbus” relating “to irregularities concerning third party consultants.” France and the United States later opened their own investigations into the allegations by the SFO in 2017 and 2018, respectively. On January 31, 2020, media outlets reported that Airbus had agreed to a deal with U.S., U.K., and French prosecutors to settle bribery and export-control violations against Airbus for approximately $4 billion. Then, on March 15, 2020, The Wall Street Journal reported that Airbus executives had previously raised red flags about fees paid to a number of middlemen working with Airbus’s helicopter division, led at the time by Airbus’s current CEO, defendant Guillaume M.J.D. Faury, that may have violated global bribery and corruption rules, according to internal documents related to Airbus’s $4 billion bribery settlement. Finally, on July 30, 2020, The Wall Street Journal reported that the SFO had charged an Airbus subsidiary and three individuals with corruption in connection with a defense contract the U.K. had arranged with Saudi Arabia. These, and other related disclosures, caused the prices of Airbus’s American Depositary Receipts and foreign ordinary shares to decline.
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