Boeing Stock Flails After Livid Investor Sues Over Alleged 737 Deception

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Boeing’s woes are stacking up. The latest blow? A class-action lawsuit filed by shareholders on Tuesday that charges that the airline defrauded them for not informing them of technical deficiencies of their ill-fated plane.

The problems began when two 737 Max 8 planes crashed on take-off. The cause? Boeing’s own safety systems malfunctioned at crucial moments in the flight.

Suit: Boeing Deceived Shareholders

A class-action lawsuit alleges Boeing deceived investors about the safety of its 737 MAX 8 aircraft. | Source: AP Photo / Achmad Ibrahim

In the filing, Boeing shareholder Richard Seeks accused the aircraft maker of effectively putting profitability and growth ahead of airplane safety. He’s one of many shareholders who are livid at the hit Boeing’s market value took as a result of the Ethiopian Airlines 737 MAX 8 crash.