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Posted on: November 23rd, 2009 by Tiffany Propst
New reports now claim that the aircraft manufacturer Boeing is now being sued by shareholders who claim that the company lied to them about the problems that went along with the delay of the 787 Dreamliner. The suit was apparently filed just last Friday in a U.S. District Count in Chicago.
The Employees Retirement System of the City of Livonia, Michigan, went on to say that Boeing had deliberately kept the problems of the 787 a secret from shareholders for several weeks in order to boost their stock price. The members of the Michigan pension fund had purchased the stock between May 4 and June 22.
Some of the people that have been apparently named responsible by the group include the CEO James McNerney and the recently retired Scott Carson. At the time, Scott Carson was the president of Boeing’s Commercial Aircraft unit. The pension fund, for now, claims that Boeing officials misled them as they knew that the 787 had encountered structural problems that would require further delays.
Back at the Paris Air Show on June 17th, they showed that the company was still on track for the first flight for June 30th, 2009. However, on June 23th an announcement from Boeing showed that the plane’s first flight would have to be delayed because of some structural flaws where the wing meets the body of the aircraft. Apparently the problem with the body had occurred during testing in May.
At the time, Carson’s explanation to investors was that the company thought it had found a solution that would allow flight testing to continue. However, they realized, after the Paris Show that it would have to be delayed further. Boeing went on to say that the filing was without merit and that the company would vigorously defend themselves.