financetom
Business
financetom
/
Business
/
Factbox-Boeing faces multiple probes after mid-air MAX door plug blowout
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Factbox-Boeing faces multiple probes after mid-air MAX door plug blowout
May 17, 2024 10:58 AM

(Reuters) - Boeing ( BA ) is facing heightened scrutiny from U.S. regulators and prosecutors into its safety and quality practices following the Jan. 5 panel blowout on an Alaska Airlines 737 MAX 9.

The planemaker is producing its cash-cow MAX jets at a low rate as it works to address the issues, which have also sparked a reshuffle in its top management and led to a drop in its stock price this year.

Below are some of the probes since the incident:

SECURITIES AND EXCHANGE COMMISSION

The SEC is investigating statements from Boeing ( BA ) about its safety practices and will examine whether the planemaker or its executives misled investors in violation of the Wall Street regulator's rules, Bloomberg News reported on May 9.

FEDERAL AVIATION ADMINISTRATION

The aviation regulator on Jan. 11 said it was launching a formal investigation into Boeing 737 MAX 9 planes following the cabin panel blowout, adding the incident "should have never happened and it cannot happen again."

Later in January, the FAA said it would not allow Boeing ( BA ) to expand 737 MAX production, and laid out an inspection and maintenance process for the planes that had been grounded after the incident.

On Feb 28, the FAA told Boeing ( BA ) it must develop a comprehensive action plan to address "systemic quality-control issues" within 90 days, following an all-day meeting with the planemaker's outgoing CEO Dave Calhoun.

On Friday, Calhoun said the company will meet with the FAA in a "couple of weeks" to present a final plan that would respect the U.S. regulator's 90-day deadline.

DEPARTMENT OF JUSTICE

In March, the U.S. Federal Bureau of Investigation told passengers who were on the Alaska Airlines flight that they may be victims of a crime, according to letters seen by Reuters.

Earlier in May, the DOJ said in a court filing Boeing ( BA ) had breached its obligations in a 2021 agreement that shielded the planemaker from criminal prosecution over fatal 737 MAX crashes in 2018 and 2019 that killed 346 people.

The department has directed the company to respond by June 13 and intends to decide whether to prosecute Boeing ( BA ) by July 7, the filing said.

(Reporting by Deborah Sophia in Bengaluru; Editing by Sriraj Kalluvila)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Apple challenges $2 bln EU antitrust fine at EU court
Apple challenges $2 bln EU antitrust fine at EU court
May 22, 2024
BRUSSELS, May 22 (Reuters) - Apple ( AAPL ) has challenged at Europe's second-highest court a 1.84 billion euro ($2 billion) fine imposed by EU antitrust regulators for impeding Spotify ( SPOT ) and other streaming rivals via restrictions on its App Store, according to a court filing. Apple ( AAPL ) had already said it would appeal after the...
Update: Wallbridge Mining Intersects High-Grade Gold Mineralization at the Fenelon Project in Quebec
Update: Wallbridge Mining Intersects High-Grade Gold Mineralization at the Fenelon Project in Quebec
May 22, 2024
12:30 PM EDT, 05/22/2024 (MT Newswires) -- Wallbridge Mining ( WLBMF ) reported on Wednesday the final assays from its 2,396-meter drilling program at its Fenelon gold project in Quebec, intersecting near-surface high-grade gold mineralization. Highlights include 29.48 grams per tonne (g/t) gold over 1.4 meters, 37.95 g/t gold over 1.9 meters, 12.09 g/t gold over 0.5 meters and 41.55...
Update: Wesdome Gold Mines Loses 4% as Appoints Kevin Lonergan as Senior Vice President for Technical Services
Update: Wesdome Gold Mines Loses 4% as Appoints Kevin Lonergan as Senior Vice President for Technical Services
May 22, 2024
12:33 PM EDT, 05/22/2024 (MT Newswires) -- Wesdome Gold Mines ( WDOFF ) said Wednesday it appointed Kevin Lonergan as senior vice president for technical services, effective yesterday. Lonergan is a mining engineer with more than 25 years of executive leadership and technical expertise in the domestic and international mining industry. Before advising Wesdome, Lonergan served as vice president of...
EEX, Nasdaq deal triggers EU concerns about bundled products, price hikes
EEX, Nasdaq deal triggers EU concerns about bundled products, price hikes
May 22, 2024
BRUSSELS, May 22 (Reuters) - EU antitrust regulators are seeking feedback on whether the European Energy Exchange (EEX) might expand its market power by bundling products when it buys Nasdaq's European power trading and clearing business, a person with direct knowledge of the matter said on Wednesday. The European Commission, which is examining the deal, sent a questionnaire to the...
Copyright 2023-2026 - www.financetom.com All Rights Reserved