Boeing Shares Fall 4% as Lawmakers, Regulators Press Company
October 21 2019 - 10:32AM
Dow Jones News
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)
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