Boeing faces new investigation
The US Securities and Exchange Commission is apparently probing whether Boeing was transparent enough with shareholders over issues tied to the grounded of its 737 Max jet.
The SEC’s enforcement division is examining disclosures made by the company, according to people familiar with the matter, Bloomberg reports.
It will also review Boeing accounting to check if its financial statements reflected possible impacts prior to the global grounding of the planes following two fatal accidents just five months apart.
SEC rules require public companies to inform shareholders about any material impact on their finances.
On May 5, Boeing issued a statement admitting it knew a cockpit alert wasn’t working properly for more than a year before it informed airlines and the Federal Aviation Administration.
It later made a public disclosure after the first fatal crash in 2018.
"We cannot reasonably estimate a range of loss, if any, that may result," the company said in April. "We are fully cooperating with all ongoing governmental and regulatory investigations and inquiries relating to the accidents and the 737 Max program."
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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