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Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit against The Boeing Company

Dépèche transmise le 13 novembre 2009 par Business Wire

Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit against The Boeing Company

SAN DIEGO--(BUSINESS WIRE)--Coughlin Stoia Geller Rudman & Robbins LLP (“Coughlin Stoia”) (http://www.csgrr.com/cases/boeing/) today announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the Northern District of Illinois on behalf of purchasers of The Boeing Company (“Boeing”) (NYSE:BA) common stock during the period between May 4, 2009 and June 22, 2009 (the “Class Period”).

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at [email protected]. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.csgrr.com/cases/boeing/. 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.

The complaint charges Boeing and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Boeing is involved in the design, development, manufacture, sale and support of military aircraft, satellites, missile defense, human space flight, launch systems and services, and commercial jetliners, including the Dreamliner 787 (“787”), Boeing’s principal next generation commercial airplane, which has been eagerly awaited by the commercial airline market and the financial markets since it was first announced in 2004.

The complaint alleges that during the Class Period, defendants made false and misleading statements to the market concerning the results of the testing process for the 787 and the Company’s ability to meet the schedule for the first flight and delivery of the 787. Specifically, the complaint alleges defendants made these false and misleading statements in an effort to: (a) forestall further cancellations of orders for the 787, particularly as the orders for its competition, the Airbus A380, were gaining ground; (b) conceal from the market the material fact that the 787 had a structural problem in its design that would prevent the first flight of the 787 by June 30, 2009, and delivery in the first quarter of 2010; and (c) enable Boeing to make a positive presentation concerning the test results for the 787 and the schedule for the first flight and delivery of the 787 at the Paris Airshow, scheduled for June 15-18, 2009, at which Boeing hoped to receive additional orders for the 787 and beat out the showing made by the Airbus for its A380. On June 23, 2009, Boeing announced that the first flight of the 787 would be postponed due to a “need to reinforce an area within the side-of-body section of the aircraft” and that the first flight would be rescheduled. On this news, Boeing’s stock price fell 6.5% to close at $43.87 per share on June 23, 2009, and dropped a further 6% the next day to close at $41.32 per share.

Plaintiff seeks to recover damages on behalf of all purchasers of Boeing common stock during the Class Period (the “Class”). The plaintiff is represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Coughlin Stoia Web site (http://www.csgrr.com) has more information about the firm.