NEW YORK, Feb. 03, 2024 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against The Boeing Company (“Boeing” or the “Company”) (NYSE: BA). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Boeing and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until April 1, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Boeing securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
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.
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.
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.
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.
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.
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.
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.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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