Boeing shareholders sue over 737 MAX crashes, disclosures
Updated : April 10, 2019 07:30 AM IST
The proposed class action filed in Chicago federal court seeks damages for alleged securities fraud violations, after Boeing's market value tumbled by $34 billion within two weeks of the March 10 crash of an Ethiopian Airlines 737 MAX.
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.
Richard Seeks, the lead plaintiff, said Boeing's compromises began to emerge after the Ethiopian Airlines crash killed all 157 onboard, five months after the Lion Air crash killed 189.