NEW YORK, May 15, 2019 /PRNewswire/ -- Bernstein Liebhard LLP announced that less than one month remains to make a motion for lead plaintiff in a class action pending in the United States District Court for the Northern District of Illinois on behalf of all persons or entities (the "Class") who purchased the securities of Boeing, Inc. ("Boeing" or the "Company") (NYSE: BA) during the period of January 8, 2019 through March 21, 2019 (the "Class Period"). The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. If you wish to serve as lead plaintiff in the Boeing class action, you must move the court no later than June 10, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery does not require that you serve as lead plaintiff. If you take no action, you may remain an absent class member.
Boeing designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, and missiles worldwide. On October 29, 2018, a Boeing 737 Max 8 jet operated by the Indonesian airline Lion Air crashed shortly after takeoff, killing all passengers and crew. On November 12, 2018, the Wall Street Journal published an article reporting 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[.]"
Plaintiffs allege that Defendants made misrepresentations about the safety of the Company's 737 Max airplanes during the Class Period. Specifically, Defendants allegedly concealed that (1) the 737 Max airplanes lacked safety features which Boeing sold as "optional" add-ons; (2) most airlines did not purchase these safety "options"; and (3) the Federal Aviation Administration handed oversight and certification of one of Boeing's safety systems to Boeing, which had a clear conflict of interest as it was rushing the 737 Max to market.
On March 10, 2019, 157 people perished after an Ethiopian Airlines-operated Boeing 737 Max 8 jet crashed in Addis Ababa, Ethiopia shortly after takeoff. In the wake of the crash, regulators in China and several other countries grounded all Boeing 737 Max 8 jets. On March 11, 2019, Boeing's stock price fell $22.53, or over 5%, to close at $400.01 per share.
On March 21, 2019, The New York Times reported that Boeing had concealed from pilots and passengers that Boeing created two new safety features that it sold as "extras" or "optional features" to keep cost down. This news drove the price of Boeing shares down $10.53, or about 3%, on March 22, 2019.
If you purchased Boeing securities, and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/boeing-ba-lawsuit-class-action-fraud-stock-124/ or contact Joe Seidman toll free at (877) 779-1414 or via email at email@example.com.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer, and shareholders rights cases and recovered over $3.5 billion for its clients. The Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and been listed in The Legal 500 for ten consecutive years.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Northern District of Illinois.
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SOURCE Bernstein Liebhard LLP