Boeing investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, Boeing designs, develops, manufactures, sells, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight, and launch systems and services worldwide. Boeing’s Commercial Airplanes segment provides commercial jet aircraft for passenger and cargo requirements. This segment is a leading producer of commercial jetliners designed to meet a broad spectrum of global passenger and cargo requirements of airlines, and includes, among others, the 737 narrow-body model. Development continues on certain 737 MAX derivatives. The first 737 MAX 8 was delivered to customers in May 2017. On October 29, 2018, a Boeing 737 aircraft operated by the Indonesian airline, Lion Air, crashed shortly after takeoff, killing all passengers and crew.
The Class Period commences on February 8, 2017, when Boeing filed its annual report on a Form 10-K for the period ended December 31, 2016. The Form 10-K attested to the accuracy of financial reporting, the disclosure of any material changes to Boeing’s internal controls over financial reporting, and the disclosure of all fraud.
According to the complaint, on November 12, 2018, post-market, The Wall Street Journal published an article entitled “Boeing Withheld Information on 737 Model, According to Safety Experts and Others.” The article attributed the Lion Air 737 MAX crash to a new flight-control feature that Boeing implemented in its 737 MAX aircrafts. The article reported that Boeing “withheld information about potential hazards associated with a new flight-control feature suspected of playing a role in last month’s fatal Lion Air jet crash.”
Following this news, Boeing’s stock price fell $12.31 per share over the following two trading sessions, or roughly 3.4%, to close at $344.72 per share on November 14, 2018. Over the eleven days following the publication of The Wall Street Journal article, Boeing’s stock price fell a total of $44.71 per share, or roughly 12.5%, to close at $312.32 per share on November 23, 2018.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Boeing’s new 737 MAX automated stall-prevention system was susceptible to deadly malfunctions; (ii) Boeing maintained inadequate internal controls to ensure the timely reporting and dissemination of such malfunctions; and (iii) as a result, Boeing’s public statements were materially false and misleading at all relevant times.
If you are a member of the class described above, you may no later than January 28, 2019 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at email@example.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
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Radnor, PA 19087
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