Cases
Ohio Public Employees Retirement System, State Teachers Retirement System of Ohio, and Oklahoma Firefighters Pension and Retirement System v. Calhoun et al. and The Boeing Company
- Corporate Governance / Derivative Action
Overview
Overview
| Status: | Status: Pending |
| Case Number: | Case Number: 24-cv-01200 (E.D. Va.) / 2024-1210-MTZ (Del. Ch.) |
| Lead Attorneys: | Lead Attorneys: Javier Bleichmar, Joseph A. Fonti, Lesley E. Weaver, Derrick Farrell, Matthew Miller, Evan A. Kubota |
Clients: Ohio Public Employees Retirement System, State Teachers Retirement System of Ohio
Background: Plaintiffs allege that certain of Boeing’s current and former board members and senior management, including former CEO David Calhoun, breached their fiduciary duties and made (or participated in making) public misstatements with respect to Boeing’s safety measures and legal compliance.
BFA’s Role: BFA is Co-Lead Counsel for Plaintiffs Ohio Public Employees Retirement System and State Teachers Retirement System of Ohio.
Status: BFA represents Ohio Public Employees Retirement System and State Teachers Retirement System of Ohio in two derivative actions involving Boeing. The first action is pending in the Eastern District of Virgina. That action alleges that the Company’s board and senior management made public misstatements regarding systemic safety and quality issues that impacted Boeing aircraft, leading to the January 2024 incident when a Boeing 737 MAX’s door plug blew out at 16,000 feet, causing significant financial, regulatory, reputational, and legal harm to Boeing. On December 20, 2024, U.S. District Judge Leonie Brinkema denied Defendants’ motion to dismiss as to claims under the Securities Exchange Act of 1934, finding that “plaintiffs have pled with particularity violations of Section 10(b) and 14(a).” On February 3, 2025, Judge Brinkema advanced the claims to discovery.
The second action is pending in the Delaware Court of Chancery. That action alleges that the Company’s board and senior management breached their fiduciary duties by failing to implement and oversee safety and compliance functions that led to systemic quality issues with Boeing aircraft. On March 20, 2025, Vice Chancellor Morgan T. Zurn appointed Ohio Public Employees Retirement System, State Teachers Retirement System of Ohio, and Oklahoma Firefighters Pension and Retirement System as Lead Plaintiffs and BFA as Co-Lead Counsel.
Background: Plaintiffs allege that certain of Boeing’s current and former board members and senior management, including former CEO David Calhoun, breached their fiduciary duties and made (or participated in making) public misstatements with respect to Boeing’s safety measures and legal compliance.
BFA’s Role: BFA is Co-Lead Counsel for Plaintiffs Ohio Public Employees Retirement System and State Teachers Retirement System of Ohio.
Status: BFA represents Ohio Public Employees Retirement System and State Teachers Retirement System of Ohio in two derivative actions involving Boeing. The first action is pending in the Eastern District of Virgina. That action alleges that the Company’s board and senior management made public misstatements regarding systemic safety and quality issues that impacted Boeing aircraft, leading to the January 2024 incident when a Boeing 737 MAX’s door plug blew out at 16,000 feet, causing significant financial, regulatory, reputational, and legal harm to Boeing. On December 20, 2024, U.S. District Judge Leonie Brinkema denied Defendants’ motion to dismiss as to claims under the Securities Exchange Act of 1934, finding that “plaintiffs have pled with particularity violations of Section 10(b) and 14(a).” On February 3, 2025, Judge Brinkema advanced the claims to discovery.
The second action is pending in the Delaware Court of Chancery. That action alleges that the Company’s board and senior management breached their fiduciary duties by failing to implement and oversee safety and compliance functions that led to systemic quality issues with Boeing aircraft. On March 20, 2025, Vice Chancellor Morgan T. Zurn appointed Ohio Public Employees Retirement System, State Teachers Retirement System of Ohio, and Oklahoma Firefighters Pension and Retirement System as Lead Plaintiffs and BFA as Co-Lead Counsel.