NEW YORK, May 13, 2019 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in The Boeing Company (“Boeing” or the “Company”)(NYSE:BA) of the June 10, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Boeing stock or options between January 8, 2019 and March 21, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/BA. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
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Attn: Richard Gonnello, Esq.
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The lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of all those who purchased Boeing securities between January 8, 2019 and March 21, 2019 (the “Class Period”). The case, Seeks v. The Boeing Company, No. 19-cv-02394 was filed on April 9, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to reveal the fact that: (1) the 737 MAX airplanes were in fact so less safe than previous models that they included undisclosed “hacks” in an attempt to overcome these safety concerns created by engineering compromises, lacked safety features which Boeing sold as “optional” add-ons which were designed to help address these safety concerns; (2) that most airlines did not purchase these safety “options”; and (3) that the Federal Aviation Administration (“FAA”) handed oversight and certification of Boeing’s MCAS to Boeing, which had a clear conflict of interest as it was rushing the 737 MAX to market.
Specifically, on March 18, 2019, Bloomberg reported U.S. federal authorities began exploring a criminal investigation of how Boeing’s 737 MAX was certified to fly passengers before the Ethiopian crash.
On this news, Boeing’s share price fell from $378.99 per share on March 15, 2019 to a closing price of $372.28 on March 18, 2019: a $6.71 or a 1.77% drop.
Then, on March 21, 2019, The New York Times reported in an article entitled, “Doomed Boeing Jets Lacked 2 Safety Features That Company Sold Only as Extras”, that Boeing has hidden from investors, pilots and passengers, that because of the safety compromised, Boeing created two new safety features that it sold as “extras” or “optional features” to keep cost down.
On this news, Boeing’s share price fell from $372.70 per share on March 21, 2019 to a closing price of $362.17 on March 22, 2019: a $10.53 or a 2.8253% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Boeing’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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