|Court:||United States District Court for the Northern District of Illinois|
|Class Period:||11/07/2018 - 12/16/2019|
|Case Leaders:||Katherine M. Sinderson, Abe Alexander, Gerald H. Silk, Scott R. Foglietta|
|Case Team:||Danielle Disporto, Jonathan G. D’Errico, Mathews R. de Carvalho, Veronica V. Montenegro, Tim Fleming, Michael Mathai|
Securities fraud class action filed on behalf of a class of persons and entities who purchased or acquired the securities of The Boeing Company (“Boeing” or “the Company”) between November 7, 2018 and December 16, 2019 (the "Class Period"). The action alleges violations of the federal securities laws – in that the Company misled investors about the financial prospects for its commercial airplanes by misstating and concealing information about safety problems with the 737 MAX in the wake of investigations after multiples crashes in 2018 and 2019.
On November 15, 2019, the Honorable John J. Tharp, Jr. appointed BLB&G client the Public Employees' Retirement System of Mississippi as Lead Plaintiff and BLB&G as Lead Counsel for the Class in the consolidated class action.
Background on the Alleged Fraud
The Boeing Company is an American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, telecommunications equipment, and missiles worldwide. The Company also provides leasing and product support services. Boeing is among the largest global aerospace manufacturers.
Two Boeing 737 MAX airplanes crashed in October 2018 and March 2019. The New York Times reported in March 2019 that the two planes that crashed lacked two safety features that Boeing sold as options on the 737 MAX aircraft. Based on BLB&G’s ongoing investigation, Plaintiffs believe that Boeing misled investors about the financial prospects for its commercial airplanes business by misstating and concealing information about safety problems with the 737 MAX in the wake of crash investigations.
Plaintiffs’ complaint was filed on February 14, 2020. On August 23, 2022, the Court denied Defendants’ motion to dismiss the amended complaint in substantial part. The parties proceeded to discovery. On October 3, 2022, the case was reassigned to the Honorable Nancy L. Maldonado. On November 15, 2022, the case was referred to Chief Magistrate Judge Young B. Kim for discovery purposes.
On August 15, 2023, Plaintiffs filed an amended consolidated class action complaint alleging additional false statements and certain of the previously alleged statements that were dismissed by the August 2022 motion to dismiss order. The parties are currently briefing Defendants’ motion to dismiss the amended consolidated class complaint and briefing is set to complete by the end of December 2023.
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