NEWTOWN, PA / ACCESSWIRE / February 26, 2024 / The law firm of Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers of The Boeing Company ("Boeing" or the "Company") (NYSE:BA) common stock between October 23, 2019, and January 24, 2024, inclusive (the "Class Period").
Investors who purchased Boeing common stock may move the U.S. District Court for the Eastern District of Virginia to appoint them as a lead plaintiff, no later than April 1, 2024. Current holders of Boeing stock may pursue corporate governance reforms. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at elechtzin@edelson-law.com. A copy of the class action complaint can be viewed HERE.
Background on The Boeing Company
Headquartered in Arlington, Virginia, Boeing is a multinational aerospace company that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, telecommunications equipment, and missiles worldwide.
The Securities Fraud Claims
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or omissions regarding Boeing's business, operations, and prospects, including that the Company failed to disclose they had been prioritizing its profits over safety, leading to poor quality control standards in the production of its commercial aircraft such as the 737 MAX, resulting in a heightened risk of manufacturing flaws that could render the Company's new airplanes unsafe.
On January 5, 2024, a panel called a "door plug" flew out the side of a 737 MAX 9 (a variant of the 737 MAX) during Alaska Airlines Flight 1282, leaving a gaping hole in the plane's main cabin, feet away from where passengers were sitting. Due to the gravity of this incident, the Federal Aviation Administration (FAA) grounded 171 of the 737 MAX 9 planes pending further investigation to determine the cause of this incident.
Then on January 12, 2024, the FAA announced that it would conduct a comprehensive audit of the production line of the 737 MAX 9 and its associated suppliers. Subsequently, on January 16, 2024, Wells Fargo lowered its rating of Boeing's stock, citing the risks associated with the FAA's inspection of the Company's production standards. Upon receiving this news, the price of Boeing's stock dropped by nearly 8%. On January 24, 2024, news outlets reported that the FAA had declared that it would not allow Boeing to expand production of the 737 MAX due to safety concerns related to the January 5, 2024 incident. Consequently, the price of Boeing's stock fell by almost 6%.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
Web: www.edelson-law.com
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
SOURCE: Edelson Lechtzin LLP
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