Boeing to Pay $200 Million to Settle SEC Probe Over 737 Max
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Boeing Co. agreed to pay $200 million to settle U.S. Securities and Change Fee allegations that the corporate and its former Chief Govt Officer Dennis Muilenburg did not correctly disclose questions of safety with its 737 Max jetliner.
The settlement, which was introduced by the SEC on Sept. 22, follows a probe by the regulator’s enforcement division. Investigators examined whether or not Boeing was adequately forthcoming to shareholders about materials issues with its jetliner that crashed in 2018 and 2019.
With out admitting or denying the SEC’s findings, Boeing and Muilenburg consented to cease-and-desist orders that embody penalties of $200 million and $1 million, respectively.
The dual tragedies killed 346 individuals and prompted one of many longest groundings in aviation historical past. The SEC enforcement motion is without doubt one of the final remaining authorities investigations. Boeing had cautioned in its most lately quarterly submitting that the “final result of which can be materials.”
Boeing paid a $243.3 million advantageous as a part of a $2.5 billion settlement with the U.S. Justice Division to finish a felony investigation in January 2021.
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