Boeing shareholders sue over 737 Max crashes, disclosures

Boeing shareholders sue over 737 Max crashes, disclosures

One involved the Indonesian low-priced airline, Lion Air, which crashed and killed 189 people, while the other crash happened on March 10 when an Ethiopian Airlines plane crashed, with 157 people on board perishing in the accident.

Boeing delivered 37 per cent fewer commercial aircraft in the first quarter of the year amid concerns about the safety of its bestselling 737 Max jet.

In the first quarter of a year ago, Boeing took 122 orders for 737s, including 112 for the Max, led by large orders from Southwest Airlines and Ireland's Ryanair.

Smaller rival Southwest Airlines Co. was the first US airline to formally cut its financial outlook for the year after being forced to pull its new fleet of 34 Boeing 737 MAX planes out of service. ICBC Leasing has delivered a small number of 737 Max 8 models to its clients.

Boeing reported a combined 209 deliveries of commercial and defense fixed and rotary wing aircraft during the first three months of 2019, including 89 deliveries of the grounded 737 MAX.

Boeing said at the weekend it is cutting production of its 737 jetliner for the first time since the September 11 attacks in NY as the plane maker works to limit financial damage from the global grounding of its newest and best-selling aircraft model.

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The groundings forced Boeing to freeze deliveries of the MAX, which had been its fastest-selling jetliner until a March 10 crash on Ethiopian Airlines that killed all 157 onboard, just five months after a similar crash on Lion Air that killed all 189 passengers and crew.

"A fix and removal of the grounding prior to September 2019 could be perceived positively", Jefferies analyst Sheila Kahyaoglu said, noting that fresh scrutiny of the certification process could potentially filter into Boeing's 777X programme. The disclosure highlights the mounting uncertainty among customers, Boeing investors, and suppliers about when the new MAX version of the 737 might return to flight following the global grounding of the plane after two fatal crashes.

Shares of Chicago-based Boeing fell $5.48, or 1.5%, to close at $369.04.

March deliveries are more than half the rate of deliveries in the two previous months, which amounted to 24 MAX jets in January and 27 in February.

Orders and deliveries of Boeing's 737 Max plunged in the first quarter as the plane was grounded around the world following a second deadly crash.

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