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Search resuls for: "Dennis Muilenburg"


3 mentions found


☆ Boeing agrees to pay $200 million for misleading the public about the 737 Max
  + stars: | 2022-09-22 | by ( David Goldman | ) edition.cnn.com   time to read: +2 min
The SEC alleges that, following an October 2018 crash of a Lion Air 737 Max jet that killed 189 people, Boeing and Muilenburg knew that part of the plane’s flight control system posed an ongoing safety concern yet told the public that the 737 Max was safe to fly. After a March 10, 2019 fatal 737 Max crash, the SEC alleges that Boeing and Muilenburg knowingly misled the public about “slips” and “gaps” in the certification process of that flight control system. Boeing agreed to pay a $200 million settlement, and Muilenburg agreed to pay $1 million. The fines, though large, pale in comparison to the financial hit Boeing has taken over the years because of the 737 Max. Shares of Boeing (BA) fell more than 3% Thursday but rose slightly in afterhours trading following the SEC’s announcement.
☆ Boeing will pay $200 million to settle SEC fraud charges related to 2 deadly airplane crashes involving the company's 737 MAX aircraft between 2018 and 2019
  + stars: | 2022-09-22 | by ( Lakshmi Varanasi | ) www.businessinsider.com   time to read: +2 min
Boeing will pay $200 million to settle charges it withheld information about safety issues in its 737 Max aircraft. The 737 Max aircraft crashed two times between 2018 and 2019. Boeing and Muilenburg purposely withheld information about the airplane's flight control functions from investors on numerous occasions, the SEC investigation found. In 2018, the 737 Max Aircraft, operated by Lion Air, crashed in Indonesia. After the 737 Max, run by Ethiopian Airlines, crashed in its home country in 2019, the SEC said Muilenburg and the company continued to mislead investors about the safety of the aircraft.
☆ Boeing to pay $200 million to settle SEC charges on misleading investors after deadly 737 Max crashes
  + stars: | 2022-09-22 | by ( Leslie Josephs | ) www.cnbc.com   time to read: 1 min
Boeing will pay $200 million and it then-CEO Dennis Muilenburg will pay $1 million to settle charges over misleading investors in the wake of two deadly crashes of 737 Max jetliners, the Securities and Exchange Commission said. "There are no words to describe the tragic loss of life brought about by these two airplane crashes," said SEC Chair Gary Gensler in a statement. The two crashes — one in October 2018 and another in March 2019 — killed all 346 people aboard the two flights and led to a worldwide grounding of the jetliners, which was first lifted in late 2020. Boeing fired Muilenberg in December 2019 in the midst of the planes' extended grounding and comments about when he expected regulators to clear the planes to fly again. The comments also strained the manufacturer's relationship with the Federal Aviation Administration, prompting public admonishment by the regulator.
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