NEW YORK, NY / ACCESSWIRE / March 27, 2024 / Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against The Boeing Company ("Boeing" or "the Company") (NYSE:BA) and certain of its officers.
Class Definition:
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Boeing securities between October 19, 2019 and January 24, 2024, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: bgandg.com/BA.
Case Details:
The Complaint alleges that throughout the Class Period Boeing and certain of its executives failed to disclose material information in violation of federal securities laws including:
(1) On January 5, 2024, a Boeing 737 aircraft operated by Alaska Airlines experienced an in-flight departure of an in-cabin door plug, causing the cabin to become depressurized and forcing an emergency landing.
(2) On January 7, 2024, the Federal Aviation Administration issued a grounding order, stating that "Boeing 737-9 aircraft will remain grounded until operators complete enhanced inspections which include both left and right cabin door exit plugs, door components, and fasteners" and that "[o]perators must also complete corrective action requirements based on findings from the inspections prior to bringing any aircraft back into service."
On this news, Boeing's stock price fell $20.00 per share, or 8%, to close at $229.00 per share on January 8, 2024.
(3) Then, 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. The reports also noted that Alaska Airlines said its initial inspections of the jets had turned up "loose hardware."
On this news, Boeing's stock price fell $3.24 per share, or 1.4%, to close at $225.76 per share on January 9, 2024.
(4) 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.
(5) On this news, Boeing's stock price fell $5.18 per share, or 2.3%, to close at $222.66 per share on January 11, 2024. on January 12, 2024, news outlets reported that the FAA would increase oversight of Boeing production and manufacturing processes. The FAA stated that a comprehensive audit set to be conducted on the Boeing 737 MAX 9 production line and its associated suppliers, specifically to assess Boeing's adherence to approved quality procedures, which could result in further audits.
On this news, Boeing's stock price fell $4.96 per share, or 2.2%, to close at $217.70 per share on January 12, 2024.
(6) On January 16, 2024, Wells Fargo downgraded Boeing, citing risks associated with the FAA's inspection of Boeing's production.
On this news, Boeing's stock price fell $17.18 per share, or 7.9%, to close at $200.52 per share on January 16, 2024.
(7) Finally, 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, Boeing's stock price fell $12.25 per share, or 5.7%, to close at $201.88 per share on January 25, 2024.
What's Next?
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm's site: bgandg.com/BA or you may contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in Boeing you have until April 1, 2024, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as lead plaintiff.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys' fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman:
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
332-239-2660 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
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