The Boeing Company
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Virginia on behalf of those who acquired The Boeing Company (“Boeing” or the “Company”) (NYSE: BA) securities during the period from October 23, 2019 through January 24, 2024, inclusive. Investors have until April 24, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On January 5, 2024, a door plug flew out of the side of a Boeing 737 MAX 9 during Alaska Airlines Flight 1282, leaving a gaping hole in the plane's main cabin. The hole caused an uncontrolled decompression of the aircraft and forced the pilots to make an emergency landing. Over the next few weeks, investigations into the incident revealed problems with door plugs on other 737 MAX planes, including loose bolts holding the door plugs in place, revealing Boeing's manufacturing and production missteps and leading to the grounding of many 737 MAX 9 planes. On this news, the price of Boeing shares declined by $47.12, or approximately 18.9%, from $249.00 on January 5, 2024 to $201.88 on January 25, 2024.
The lawsuit alleges that, throughout the Class Period, Boeing made false and/or misleading statements regarding its quality control on its commercial aircrafts. After the crash of two Boeing 737 MAX 8 planes in 2018 and 2019, Boeing assured investors that it was committed to making progress towards the safe return of the 737 Max. Boeing failed to disclose that it 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 the Company's new airplanes unsafe.
On January 5, 2024, a door plug flew out of the side of a Boeing 737 MAX 9 during Alaska Airlines Flight 1282, leaving a gaping hole in the plane's main cabin. The hole caused an uncontrolled decompression of the aircraft and forced the pilots to make an emergency landing. Over the next few weeks, investigations into the incident revealed problems with door plugs on other 737 MAX planes, including loose bolts holding the door plugs in place, revealing Boeing's manufacturing and production missteps and leading to the grounding of many 737 MAX 9 planes. On this news, the price of Boeing shares declined by $47.12, or approximately 18.9%, from $249.00 on January 5, 2024 to $201.88 on January 25, 2024.
The lawsuit alleges that, throughout the Class Period, Boeing made false and/or misleading statements regarding its quality control on its commercial aircrafts. After the crash of two Boeing 737 MAX 8 planes in 2018 and 2019, Boeing assured investors that it was committed to making progress towards the safe return of the 737 Max. Boeing failed to disclose that it 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 the Company's new airplanes unsafe.