In re The Boeing Company Aircraft Securities Litigation
|Court:||United States District Court for the Northern District of Illinois Eastern Division|
|Case Number:||19 CV 2394|
|Judge:||Hon. John J. Tharp, Jr.|
|Class Period:||01/08/2019 - 05/06/2019|
|Case Contacts:||John C. Browne, Katherine M. Sinderson, Adam Hollander, Abe Alexander, James M. Fee|
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 January 8, 2019 and May 6, 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.
In October 2018 and March 2019 two Boeing 737 MAX airplanes crashed.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 mislead 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’ amended complaint is due on February 14, 2020. Defendants’ motion to dismiss is scheduled to be filed on March 31, 2020, with Plaintiffs’ opposition due on May 15, 2020, and Defendants’ reply brief in further support of their motion to dismiss due on June 15, 2020.
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