SEC probing Boeing over 737 Max disclosures
The U.S. Securities and Exchange Commission is apparently probing whether Boeing Co was transparent enough with shareholders over issues tied to the grounded 737 Max jet.
The SEC’s enforcement division are 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.
SEC rules require public companies to inform shareholders about any material impact on its finances.
In early May 5 Boeing issued a statement admitting it knew a cockpit alert more than a year before it informed airlines and the Federal Aviation Administration.
It later made a public disclosure after the first crash
"We cannot reasonably estimate a range of loss, if any, that may result. We are fully cooperating with all ongoing governmental and regulatory investigations and inquiries relating to the accidents and the 737 Max program," the company said in an April filing, acknowledging the impact of a growing number of lawsuits.
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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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