Boeing Aircraft Faces Investor Class Action For Federal Securities Laws Violations.SEATTLE--(BUSINESS WIRE)--Nov. 5, 1997--On Nov. 5, 1997, the Seattle office of the law firm of Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Milstein, Hausfeld & Toll, P.L.L.C., on behalf of their clients, filed a class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax in the U.S. District Court for the Western District of Washington (in Seattle) on behalf of purchasers of the common stock of The Boeing Co. (NYSE NYSE See: New York Stock Exchange :BA), during the period of July 21, 1997, through Oct. 22, 1997. The suit names Boeing as a defendant, as well as Philip M. Condit Philip Murray Condit (born August 2, 1941) - best known as the Chairman and Chief Executive Officer (CEO) of the Boeing company from 1996 to 2003. He was born in Berkeley, California, and became an aviation enthusiast at an early age, earning his pilot's certificate at age (CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and chairman of the board), Ronald Woodward (president of the Boeing Commercial Airplane Group) and Boyd E. Givan (CFO See Chief Financial Officer. ). Seattle-based Boeing, the world's leading manufacturer of commercial jet aircraft, recently completed a merger with former rival McDonnell-Douglas, accomplished via a stock transaction. The suit asserts claims against Boeing and the Individual Defendants for violations of Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the complaint, during the class period the defendants engaged in a fraudulent scheme Noun 1. fraudulent scheme - an illegal enterprise (such as extortion or fraud or drug peddling or prostitution) carried on for profit illegitimate enterprise, racket and course of conduct that operated as a fraud and deceit on all persons who purchased Boeing common stock. Defendants issued false and misleading statements about the business, financial condition, performance and prospects of Boeing, which served to artificially inflate inflate - deflate the price of Boeing common stock and allowed Boeing to effect its merger with McDonnell-Douglas, which was paid for with inflated Boeing stock, at an extremely favorable exchange rate to Boeing. In addition, defendants Condit and Givan took advantage of the inflated stock price to sell over $2 million worth of their Boeing stock. On Oct. 22, 1997, after Boeing's merger transaction with McDonnell-Douglas had been completed, the company disclosed that it was taking a $1.6 million charge against third-quarter earnings as a result of its long-standing production inefficiencies. In addition, the company further disclosed it would recognize another $1 billion in charges in subsequent quarters due to the production inefficiencies. Boeing's sudden and unexpected revelation of these long-standing problems caused a precipitous drop in its share price, causing significant damage to its stockholders. If you are a member of the class who purchased Boeing common stock between July 21, 1997, and Oct. 22, 1997 (the class period) you may, no later than Dec. 31, 1997, move the court to serve as lead plaintiff for the class. In order to serve as lead plaintiff, you must meet certain legal standards. Plaintiffs' counsel -- Cohen, Milstein, Hausfeld & Toll, P.L.L.C. -- has significant experience in prosecuting investor class actions and actions involving financial fraud. The firm has offices in Seattle and Washington, D.C., and is active in major litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. pending in federal and state courts throughout the nation. The firm's reputation for excellence has been recognized on repeated occasions by the courts, which have appointed the firm to lead positions in countless complex, multi-district or consolidated litigations, including numerous cases on behalf of defrauded investors, where the firm has been responsible for recovering, in the aggregate, hundreds of millions of dollars. Visit the firm's website at www.cmht.com . Joining Cohen Milstein as counsel for plaintiffs are the following additional law firms This list of the world's largest law firms by revenue is taken from The Lawyer and The American Lawyer and is ordered by 2006 revenue:[1]
If you have any questions about this action, or with regard to your rights, please contact one of the following attorneys: Steven J. Toll (stoll@siteconnect.com), Matthew J. Ide (mide@siteconnect.com) or Jessica A. Eaves (jeaves@siteconnect.com), of Cohen, Milstein, Hausfeld & Toll, P.L.L.C., 1301 Fifth Avenue, Suite 2905, Seattle, Washington  This page is protected from moves until disputes have been resolved on the .The reason for its protection is listed on the protection policy page. 98101, 888/240-1238 or 206/521-0080, or Robert P. Frutkin at Savett Frutkin Podell & Ryan, P.C., 800/993-3233 or 215/923-5400 or Deborah R. Gross at the Law Offices of Bernard M. Gross (bmgpc@erols.com), 800/258-9349. CONTACT: Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Steven J. Toll, 888/240-1238 or 206/521-0080 fax: 206/521-0166 |
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