Boeing Shares Fall 4% as Lawmakers, Regulators Press Company

Date : 10/21/2019 @ 2:32PM
Source : Dow Jones News
Stock : Boeing Co (BA)
Quote : 370.91  0.0 (0.00%) @ 12:00AM

Boeing Shares Fall 4% as Lawmakers, Regulators Press Company

Boeing (NYSE:BA)
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   By Micah Maidenberg 
 

Investors are selling off shares in Boeing Co. (BA) as the plane manufacturer continues to face intense questions from regulators and elected officials about its safety practices and its grounded 737 MAX planes.

Shares of the Chicago-based company opened Monday down about 4%, more than the 1% decline in the Dow Jones 30 Industrials index.

Investigators for the House Transportation and Infrastructure Committee have in hand details about a three-year-old Boeing survey that showed about one third of employees felt "potential undue pressure" from managers about regulators' safety-related approvals across an array of commercial planes, The Wall Street Journal reported Sunday.

The survey wasn't specifically focused on the MAX plane. Those jets have been grounded following crashes in Indonesia and Ethiopia that killed 346 people.

Some lawmakers plan to ask Boeing Chief Executive Dennis Muilenburg about the company's culture at a hearing later this month. Rep. Peter DeFazio (D., Ore.) believes the company hasn't faced accountability for the crashes, according to the report in the Journal.

Meanwhile, a senior Boeing pilot raised concerns about the MAX fight-control systems three years ago but the company didn't notify federal regulators of that until 2019, the Journal reported on Friday.

 

Write to Micah Maidenberg at micah.maidenberg@wsj.com

 

(END) Dow Jones Newswires

October 21, 2019 10:17 ET (14:17 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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