Boeing – Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against The Boeing Company (“Boeing” or “the Company”) (NASDAQ: BA) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired Boeing securities from October 23, 2019 through January 24, 2024 (the “Class Period”). Investors who acquired Boeing securities during this defined timeframe are strongly encouraged to participate in this case by contacting email@example.com. The deadline to file a motion for appointment of lead plaintiff is April 1, 2024.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased Boeing securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
ALLEGATIONS AGAINST BOEING
Approximately five years ago, two Boeing 737 MAX 8 planes were involved in fatal crashes caused by malfunctions due to design flaws in the 737 MAX’s flight control software. The first crash occurred in October 2018 and the second crash occurred in March 2019 killing a total of 346 people and leading to 737 MAX planes being grounded from March 2019 to December 2020. The Class Period starts on October 23, 2019, when Defendants boasted that Boeing was making progress towards the safe return to service of the 737 MAX. Throughout the Class Period, Defendants continued to assure investors that Boeing was laser-focused on safety and quality. Defendants also claimed that Boeing did not make trade-offs between safety and profit, and that safety was Boeing’s priority. Unbeknownst to investors, statements such as those above were false and misleading because 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. This very risk had materialized during the Class Period. These false and misleading statements caused Boeing stock to trade at artificially inflated prices during the Class Period. It took a near disaster to expose this heightened safety risk. The public first learned about it on January 5, 2024 when a panel called a “door plug” flew out of the side of a 737 MAX 9 (a variant of 737 MAX) during Alaska Airlines Flight 1282. This left a gaping hole in the plane’s main cabin, feet from where passengers were sitting. Over the next few weeks, investigations into the incident continued and problems with such door plugs on other 737 MAX planes were discovered including loose bolts holding the door plugs in place, further revealing the Company’s manufacturing and production missteps and leading to the grounding of many 737 MAX 9 planes. In reaction to these and other related disclosures, Boeing’s stock price plummeted from $249.00 on January 5, 2024 to $201.88 on January 25, 2024, a $47.12 per share or 18.9% decline.
- Boeing is an established American aerospace company with a rich history dating back to its founding in 1916 by William Boeing. The company has been a significant contributor to the aviation industry, specializing in the design, manufacturing, and sale of commercial airplanes, as well as defense, space, and security systems. Boeing’s notable portfolio includes well-known aircraft models such as the 737, 747, 777, and 787. In addition to its commercial ventures, Boeing is a major supplier of military aircraft, satellites, and defense systems, playing a substantial role in enhancing the defense capabilities of various nations.
JOIN THIS CASE
It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in Boeing during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is April 1, 2024. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.