Class Action Suit Filed Against The Boeing Company and Certain of its Officers and Directors for Violations of the Federal Securities Laws.SEATTLE--(BUSINESS WIRE)--Nov. 12, 1997--A class action has been commenced in the United States District Court for the Western District of Washington The United States District Court for the Western District of Washington is the Federal district court whose jurisdiction comprises the following counties: Clallam, Clark, Cowlitz, Grays Harbor, Island, Jefferson, King, Kitsap, Lewis, Mason, Pacific, Pierce, San Juan, Skagit, on behalf of all purchasers of The Boeing (language) BOEING - An early system on the IBM 1130. [Listed in CACM 2(5):16, May 1959]. Company ("Boeing") common stock during the period from July July: see month. 21, 1997, through October 22, 1997, including the former McDonnell Douglas McDonnell Douglas was a major American aerospace manufacturer and defense contractor, producing a number of famous commercial and military aircraft. It merged with Boeing in 1997 to form The Boeing Company. shareholders who received Boeing stock in the merger transaction (the "Class Period"). The complaint, similar in nature to a complaint filed October 31, 1997, charges that Boeing and certain of its officers and directors with violations of the federal securities laws. Specifically, plaintiffs have brought claims sections 10(b) and 20 of the Securities Exchange Act of 1934. The complaint alleges that Boeing and certain of its officers and directors participated 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 by failing to recognize substantial losses in its second quarter financial statements which company officials knew were probable to occur and which were required to be recognized by Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . Following the release of these false financial statements, Boeing affected a merger transaction with McDonnell Douglas using the artificially inflated shares of Boeing as payment to the former shareholders of McDonnell Douglas. Well after the merger transaction, the Company suddenly announced on October 24, 1997, that it would be forced to take a $1.6 billion charge against third quarter earnings as a result of these production inefficiencies. Additionally, the Company estimated that another $1 billion in losses related to the production problems would have to be taken in subsequent quarters. In response to this disclosure, Boeing shares dropped significantly -- causing a loss in market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of more than $4 billion to the Company's shareholders. Plaintiffs seek to recover damages on behalf of all purchasers of Boeing common stock during the Class Period (the "Class"), including the former McDonnell Douglas shareholders who received Boeing stock in the merger transaction. Plaintiffs' claims include that false and misleading statements, including false financial statements and Boeing's second quarter earnings announcement and publicly filed quarterly report contained false financial results. The plaintiffs are represented by several 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]
n a Latin phrase meaning “after meals”; the abbreviation may be used in prescription writing. ., each of whom have significant expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud. Hagens & Berman, P.S. has concentrated its practice in the field of class action and multi-plaintiff 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. , representing plaintiffs in numerous securities and investment fraud actions throughout the country. Hagens & Berman has been appointed lead or co-lead counsel on behalf of defrauded investors, including individual and institutional shareholders in numerous complex financial cases, and has been responsible for many large recoveries which, in the aggregate, total more than $1 billion. Steve Berman This article is about the writer. For the lawyer, see Steve Berman (lawyer); for the Mayor of Gilbert, Arizona see Steven M. Berman. Steve Berman is an American writer, born in Philadelphia, Pennsylvania, and now living in New Jersey. , managing partner of the firm, recently gained national attention as legal counsel for 13 states in the landmark tobacco settlement. Steve was one of the principal negotiators of the historic Liggett settlement and the national global settlement of $368 billion with the tobacco industry. If you are a member of the Class described above, you may, no later than 60 days from October 31, 1997, move the Court to serve as lead plaintiff of the Class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs' counsel, Steve W. Berman, Clyde A. Platt or Karl P. Barth at Hagens & Berman, P.S. at 206/623-7292 or 800/574-8396 or via e-mail at karl@hagens-berman.com CONTACT: Hagens & Berman, P.S. Steve W. Berman, Clyde A. Platt, Karl P. Barth 206/623-7292 or 800/574-8396 karl@hagens-berman.com |
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