The Boeing Company Class Action Lawsuit - BA
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The Boeing class action lawsuit seeks to represent purchasers or acquirers of The Boeing Company (NYSE: BA) common stock between October 23, 2019 and January 24, 2024, inclusive (the “Class Period”). Captioned State of Rhode Island Office of the General Treasurer, on behalf of the Employees’ Retirement System of the State of Rhode Island v. The Boeing Company, No. 24-cv-00151 (E.D. Va.), the Boeing class action lawsuit charges Boeing and certain of Boeing’s top current and former executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Boeing class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Boeing class action lawsuit must be filed with the court no later than April 1, 2024.
CASE ALLEGATIONS: Boeing is a major supplier of large passenger aircraft.
The Boeing class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that Boeing had been prioritizing its profits over safety, which led to poor quality control standards in the production of its commercial aircrafts such as the 737 MAX, resulting in a heightened risk of manufacturing flaws which could render Boeing’s new airplanes unsafe.
The Boeing class action lawsuit further alleges that on January 5, 2024, Alaska Airlines Flight 1282 was forced to make an emergency landing minutes after take-off when a door plug blew off mid-flight. Over that weekend, the Federal Aviation Administration (“FAA”) issued an emergency order grounding 171 Boeing 737 MAX 9 jets as it began safety inspections of 737 MAX planes alongside Boeing and airline operators, the complaint further alleges. On January 8, 2024, Morgan Stanley noted that without a significant improvement in quality control, a steep ramp-up in aircraft production for Boeing would be unlikely and “imprudent,” with a likely increase in regulatory scrutiny on Boeing potentially causing certification delays to new 737 MAX models, according to the complaint. The Boeing class action lawsuit alleges that on this news, the price of Boeing stock fell more than 8%.
Then, as the complaint further alleges, on January 9, 2024, news outlets reported that United Airlines had found loose bolts on exit door plugs during their FAA-mandated inspections of Boeing 737 MAX planes. On this news, the price of Boeing stock fell, according to the complaint.
Thereafter, on January 11, 2024, news outlets reported that the FAA had informed Boeing it had launched a formal investigation into whether Boeing had failed to properly ensure its aircraft were safe for operation, the complaint further alleges. On this news, the price of Boeing stock fell, according to the complaint.
Subsequently, as the complaint further alleges, on January 12, 2024, the FAA stated that a comprehensive audit was set to be conducted on the Boeing 737 MAX 9 production line and its associated suppliers. The Boeing class action lawsuit alleges that on this news, the price of Boeing stock fell.
Then, on January 16, 2024, Wells Fargo downgraded Boeing’s stock citing risks associated with the FAA’s inspection of Boeing’s production, the complaint further alleges. On this news, the price of Boeing stock fell nearly 8%, according to the complaint.
Finally, as the complaint further alleges, on January 24, 2024, news outlets reported that the FAA had announced it would not allow Boeing to expand production of the 737 MAX due to safety concerns related to the January 5, 2024 incident. On this news, the price of Boeing stock fell nearly 6%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Boeing common stock during the Class Period to seek appointment as lead plaintiff in the Boeing class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Boeing class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Boeing class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Boeing class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.