The new date is Sep 22, 2022.

Boeing agreed Thursday to pay $200 million to settle Securities and Exchange Commission charges that it misled investors after two deadly crashes of its MAX aircraft, killing hundreds of people and bringing its fleet to a halt for 20 months.


The SEC said Boeing would pay $200 million for deceiving investors.

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Boeing and its former CEO Dennis Muilenburg were charged by the SEC with making false statements in the wake of two crashes of the MAX.

The first crash was caused by a malfunctioning flight control feature that posed an "ongoing airplane safety issue," but Boeing and Muilenburg still told the public that the plane was "as safe as any airplane that has ever flown the skies."

Even though Muilenburg was aware of information calling into question some aspects of the certification process, Boeing defended it.

In addition to the $200 million the company must pay, Muilenberg, who was CEO at the time of the crashes, also agreed to pay $1 million.

Boeing did not deny or admit any of the allegations.

Boeing agreed to pay $2.5 billion to resolve federal criminal charges that it misled the Federal Aviation Administration in a settlement in April.

A company spokesman told Forbes that the settlement is part of Boeing's "broader effort to responsibly resolve outstanding matters related to the737 MAX accidents" to best serve its "shareholders, employees and other stakeholders."

The latest version of Boeing's best-selling plane was grounded around the world after a fatal crash in Ethiopia. A faulty sensor in the flight control system caused the two crashes. After a round of test flights, the FAA cleared the planes to fly again. A Boeing spokesman told Forbes that the company has made a lot of changes in the wake of the crashes. The company hired a third-party ombudsman and added a member to its board of directors with experience in aviation, engineering and product safety oversight. Boeing lost $12 billion in 2020 after it halted the delivery of its jets due to the Covid-19 outbreak.

Crucial Quote

The Boeing Company and its former CEO, Dennis Muilenburg, failed in their duty to provide full, fair and truthful disclosures to the markets in times of crisis and tragedy.

The directors of Boeing have agreed to settle a shareholder lawsuit.

Boeing will pay $200 million to settle an investigation by the SEC.

Boeing will pay $200 million to settle charges.