Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Eastern District of Virginia on behalf of shareholders of The Boeing Company who purchased shares between October 23, 2019 and January 24, 2024.
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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until April 1, 2024 to request that the court appoint them lead plaintiff.