Boeing Co's legal troubles grew on Tuesday as a new lawsuit accused the company of defrauding shareholders by concealing safety deficiencies in its 737 MAX planes before two fatal crashes led to their worldwide grounding. The proposed class action filed in Chicago federal court seeks damages for alleged securities fraud violations, after Boeing's market value tumbled by $34billion within two weeks of the March 10 crash of an Ethiopian Airlines 737 MAX. Scroll down for videosTuesday a new lawsuit accused Boeing of defrauding shareholders by concealing safety deficiencies in its 737 MAX planes. Boeing disclosed Tuesday that it received no new orders for the Max in MarchBoeing spokesman Charles Bickers had no immediate comment. On April 5, it said it planned to cut monthly 737 production to 42 planes from 52, and was making progress on a 737 MAX software update to prevent further accidents.

Source: Ethiopian News April 10, 2019 05:28 UTC