Investors’ securities lawsuit over Boeing’s statements about 737 MAX safety has been certified in part as a class action, but the court has not decided whether Boeing committed fraud or whether investors are entitled to damages. Boeing’s 2026 legal-proceedings disclosure says it is appealing the March 16, 2026 certification order; the available information does not establish whether an appellate court has since ruled. The SEC’s separate Fair Fund is not accepting new claims under its published deadline, which was December 31, 2024.
What are investors alleging?
In Seeks v. The Boeing Company, No. 1:19-cv-02394, investors sued Boeing, former CEO Dennis Muilenburg and former CFO Gregory Smith under Section 10(b) of the Securities Exchange Act. As the court describes the case, the plaintiffs allege that Boeing’s statements and omissions about 737 MAX safety after the Lion Air and Ethiopian Airlines crashes misled investors and artificially inflated Boeing’s stock price, causing investor losses.
The plaintiffs’ theory includes Boeing’s disclosures about the development and certification of the Maneuvering Characteristics Augmentation System (MCAS). They allege that the disclosures did not convey relevant risks and that later public statements were misleading. These remain allegations in the private lawsuit, not findings that Boeing committed securities fraud.
The court identifies Lion Air Flight 610 as crashing on October 29, 2018, and Ethiopian Airlines Flight 302 as crashing on March 10, 2019. The two crashes killed 346 people, according to the U.S. Securities and Exchange Commission in 2022.
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What did the court decide?
On March 16, 2026, the court granted class certification in part and denied it in part. The certified class is limited to people or entities who were damaged and who, during the period below, made one of the specified Boeing securities transactions:
- Purchased or otherwise acquired Boeing common stock;
- Purchased or otherwise acquired Boeing call options; or
- Sold Boeing put options.
The covered transaction period runs from November 7, 2018, through October 18, 2019, inclusive. The court also dismissed all claims against former CFO Gregory Smith in September 2024.
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- Quality Materials – Made from durable solid injection-molded plastic for long-lasting quality, smooth finishes, and detailed realism
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Class certification allows the certified claims to proceed on a class basis; it does not establish liability, prove that any investor was harmed, or award damages. A person’s transaction alone does not settle whether they meet the complete class definition, which also requires that they were damaged.
Boeing’s appeal and potential losses
Boeing’s 2026 legal-proceedings disclosure says the company is appealing the partial certification decision. The disclosure does not establish whether that appeal has since been decided. Boeing also says it cannot reasonably estimate a range of potential losses beyond available insurance and amounts already accrued. That is Boeing’s own disclosure, not an independent estimate of what the case may cost.
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How the private lawsuit differs from the SEC action and the criminal case
These are separate legal matters with different parties, questions and outcomes. The SEC action is not the court’s decision in the shareholder class action, and the criminal-case proceedings concern a challenge by crash-victim representatives to agreements in a different case.
| Legal track | What it concerns | Reported status and significance |
|---|---|---|
| Private shareholder lawsuit | Investors’ allegations that Boeing’s statements and omissions about 737 MAX safety misled the market. | The court certified a class in part on March 16, 2026. The claims remain pending, and Boeing’s 2026 disclosure says it is appealing that order. Certification is not a finding of fraud or a damages award. |
| SEC enforcement and Fair Fund | The SEC’s separate action concerning statements to investors after the crashes, plus a fund for eligible harmed investors. | In its 2022 announcement, the SEC said Boeing and Muilenburg consented to orders without admitting or denying the findings. The SEC reported penalties of $200 million for Boeing and $1 million for Muilenburg. Its 2023 distribution plan says the penalties were paid in full and combined into a $201 million Fair Fund. The Fair Fund website lists December 31, 2024, as the claim deadline. |
| Criminal case and victims’ rights challenge | Crash-victim representatives’ challenge to the 2021 deferred prosecution agreement and the 2025 non-prosecution agreement. | The Department of Justice’s case page reports that the Fifth Circuit denied the mandamus petitions and denied rehearing and rehearing en banc on May 22, 2026. This is separate from the investors’ securities claims. |
The SEC’s 2022 orders stated that Boeing and Muilenburg negligently violated federal securities antifraud provisions in connection with investor statements after the crashes. The SEC also said they consented without admitting or denying its findings. Those agency findings are distinct from the private case, where the court’s partial class-certification decision did not resolve the allegations.
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Can investors still seek money?
The SEC Fair Fund’s published claim deadline was December 31, 2024, so that deadline has passed. The fund also used a different relevant trading period—November 28, 2018, through October 17, 2019—than the class period in the private lawsuit. The two processes should not be treated as interchangeable.
The private securities case remains pending according to Boeing’s 2026 disclosure, and the court has certified a class for specified transactions during its defined period. That does not guarantee compensation: liability and damages have not been decided, and the company says it is appealing the certification order. Anyone considering whether they fall within the certified class should use the court’s class definition and any official case notices rather than assume that a Fair Fund deadline or eligibility determination answers that question.
What does the FAA’s 2026 action mean?
On July 17, 2026, the Federal Aviation Administration announced that Boeing could resume issuing airworthiness certificates for all 737 MAX and 787 aircraft effective July 20. The FAA said the change followed eight months of comparable production-quality findings while Boeing and FAA inspectors issued certificates. It also said it would continue inspections, audits and monitoring of Boeing’s production system, including safety culture and quality trends.
This concerns certification of newly produced aircraft and continuing production oversight. It does not decide whether Boeing’s past statements to investors were misleading or resolve the private lawsuit.
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