Tuesday, 25 June 2024


Investors notified of class actions against GrafTech, Instacart, Boeing By Investing.com

Wells Fargo raises Boeing price target, says China expert sees 737 MAX deliveries later this year

© Reuters.

NEW YORK – Bragar Eagel & Squire, P.C., a law firm specializing in shareholder rights, has initiated class action lawsuits on behalf of investors in GrafTech International Ltd. (NYSE: NYSE:), Maplebear Inc., doing business as Instacart (NASDAQ: NASDAQ:), and The Boeing Company (NYSE: NYSE:). The firm has set deadlines for shareholders to request to be appointed as lead plaintiff in the respective cases.

The GrafTech lawsuit pertains to the period from February 8, 2019, to August 3, 2023, with the lead plaintiff deadline on March 25, 2024. The allegations focus on GrafTech’s Monterrey, Mexico operations, claiming the company made false statements and failed to disclose environmental compliance failures, including decades-long contamination and a lack of commitment to remediate issues, which exposed the company to significant undisclosed risks.

Instacart’s class action covers the timeframe from its IPO on September 19, 2023, to October 1, 2023, also with a lead plaintiff deadline of March 25, 2024. The complaint accuses Instacart of making misleading statements in its offering documents, overstating the acceleration of online grocery shopping and downplaying competition, which resulted in material harm to investors as the stock price fell below the IPO price following negative analyst reports and market coverage.

Boeing faces a class action for the period from October 23, 2019, to January 24, 2024, with April 1, 2024, as the deadline for the lead plaintiff. The allegations assert that Boeing prioritized profits over safety, leading to poor quality control and manufacturing flaws in its 737 MAX aircraft, culminating in an incident on January 5, 2024, where a “door plug” was ejected from an Alaska Airlines 737 MAX 9 flight. This revelation and subsequent investigations led to the grounding of several 737 MAX 9 planes and a significant drop in Boeing’s stock price.

The information for these legal actions is based on a press release statement.

InvestingPro Insights

As The Boeing Company (NYSE: BA) faces legal challenges, investors and market watchers are closely monitoring the aerospace giant’s financial health and stock performance. According to InvestingPro data, Boeing’s market capitalization stands at $127.72 billion, reflecting the scale of its operations in the Aerospace & Defense industry, where it remains a prominent player. Despite recent legal headwinds, analysts predict that Boeing will be profitable this year, a notable…

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