Boeing Co's legal troubles grew on Tuesday as a new lawsuit accused the company of defrauding shareholders by concealing safety deficiencies in its 737 Max planes before two fatal crashes led to their worldwide grounding.[NEW YORK] Boeing Co's legal troubles grew on Tuesday as a new lawsuit accused the company of defrauding shareholders by concealing safety deficiencies in its 737 Max planes before two fatal crashes led to their worldwide grounding.
Chief executive Dennis Muilenburg and chief financial officer Gregory Smith were also named as defendants.According to the complaint, Boeing"effectively put profitability and growth ahead of airplane safety and honesty" by rushing the 737 Max to market to compete with Airbus SE, while leaving out"extra" or"optional" features designed to prevent the Ethiopian Airlines and Lion Air crashes.
The lawsuit seeks damages for Boeing stock investors from Jan. 8 to March 21. Chicago-based Boeing faces many other lawsuits over the crashes, including by victims' families and by participants in its employee retirement plans.
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Source: BusinessTimes - 🏆 15. / 51 Read more »