Boeing will pay $200 million for misleading investors over737 Max safety

Friday, Sep 23, 2022 0

Boeing will pay out $200 million over charges of misleading investors related to its737 Max troubles.

The Securities and Exchange Commission (SEC) said Boeing and its ex-CEO Dennis Muilenburg made false and misleading statements about 737 Max safety issues.

The SEC said Boeing ‘put profits over people’.

After two deadly crashes, all 737 Max planes were grounded for nearly two years.

The two crashes killed 346 people.

For his part, Muilenburg will pay a penalty of $1 million.

“In times of crisis and tragedy, it is especially important that public companies and executives provide full, fair, and truthful disclosures to the markets,” SEC chairman Gary Gensler said in a statement.

Muilenburg ‘failed in this most basic obligation’ Gensler added.

“We will never forget those lost on Lion Air Flight 610 and Ethiopian Airlines Flight 302, and we have made broad and deep changes across our company,” Boeing said in response.

“Fundamental changes have strengthened our safety processes and culture of safety, quality, and transparency,” Boeing added.

The SEC said a fund will be be set for investors who suffered losses.

 



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