Archived Investigations
The Boeing Company (NYSE: BA)
Boeing and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On January 5, 2024, a Boeing 737 Max 9 aircraft was forced to make an emergency landing soon after takeoff when a panel of the plane snapped off at 16,000 feet, leaving an open hole in the main cabin. Subsequent investigations revealed potential problems with the Company’s manufacturing and production processes, leading to the grounding of many 737 MAX 9 aircraft and additional regulatory and market scrutiny. Finally, on January 24, 2024, the Federal Aviation Administration announced that the Company would not be allowed to expand production of the 737 MAX due to ongoing safety concerns.
On this news, the price of Boeing’s shares fell $12.25 or 5.7%, to close at $201.88 on January 25, 2024.
The case is State of Rhode Island Office of the General Treasurer, on behalf of the Employees’ Retirement System of the State of Rhode Island v. The Boeing Company, No. 24-cv-00151.