Aerospace

US Charges Boeing with Misleading Investors on 737 MAX Safety, Fined $200 Million

US securities authorities fined Boeing $200 million for making misleading statements about the 737 MAX’s safety.

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Following two fatal disasters, US securities authorities fined Boeing $200 million for making misleading statements about the 737 MAX’s safety.

According to a statement from the Securities and Exchange Commission, Boeing agreed to pay the fine to resolve allegations that it “negligently violated the antifraud provisions” of US securities laws. The announcement also claimed that the business and its CEO placed profits over people.

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Dennis Muilenburg, the former CEO of Boeing, also agreed to pay $1 million to settle the same allegations in a civil dispute. The settlement comes as a result of the Lion Air tragedy in Indonesia in October 2018 and the Ethiopian Airlines crash in Ethiopia in March 2019, which combined lost over 350 people.

SEC chair Gary Gensler stated in a news statement that it is “particularly vital that public firms and leaders give comprehensive, fair, and transparent disclosures to the markets in times of crisis and tragedy.”

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The Boeing Company and Dennis Muilenburg, its previous CEO, failed in this most fundamental duty. Despite knowing about major safety risks, they misled investors by promising the 737 MAX’s safety.

As part of its “broader endeavour to properly handle remaining legal matters connected to the 737 MAX accidents in a manner that serves the best interests of our shareholders, employees, and other stakeholders,” Boeing claimed the agreement “completely concludes” the SEC’s investigation.

We have made significant changes across our firm in reaction to both catastrophes, and we will never forget the victims of Lion Air Flight 610 and Ethiopian Airlines Flight 302.After being grounded for 20 months following the crashes, US aviation safety regulators gave Boeing’s 737 MAX permission to fly again in November 2020.

The MCAS, which was designed to prevent the plane from stalling as it ascended but instead pushed the nose of the aircraft downward, was blamed for the two crashes as one of their main causes. Boeing was compelled by the Federal Aviation Administration to modify this system in order to resolve the issue.

Boeing agreed to pay $2.5 billion in January 2021 to resolve allegations that it defrauded regulators supervising the 737 MAX and resolve a criminal charge brought by the US.

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Aerospace

Boeing Transfers Rocket Stage to NASA, Paving Way for Human Moon Mission

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Boeing has achieved a significant milestone by providing NASA with the second core stage of the Space Launch System (SLS) rocket.

This crucial component, crafted at NASA’s Michoud Assembly Facility (MAF), is set to propel the Artemis II crew into lunar orbit, marking humanity’s return to deep space after a 50-year hiatus.

The monumental Boeing-built rocket stage, the largest element of the Artemis II mission, will embark on a journey aboard the Pegasus barge, traveling 900 miles to NASA’s Kennedy Space Center.

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Upon arrival, it will be meticulously integrated with other essential Artemis II components, including the upper stage, solid rocket boosters, and NASA’s Orion spacecraft within the iconic Vehicle Assembly Building. This intricate integration process is a vital step toward the eagerly anticipated Artemis II launch, slated for 2025.

“Boeing-built products helped land humankind on the moon in 1969, and we’re proud to continue that legacy through the Artemis generation,” remarked Dave Dutcher, vice president and program manager for Boeing’s SLS program. “Together, with NASA and our industry partners and suppliers, we are building the world’s most capable rocket and paving the way to deep space through America’s rocket factory in New Orleans.”

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The delivery of Core Stage 2 marks a significant achievement in the evolution of the SLS rocket. Towering over 200 feet and powered by four RS-25 engines, this core stage, coupled with two solid-fueled booster rockets, will generate a staggering 8.8 million pounds of thrust. This immense power is crucial to launching Artemis II and future missions into the vast expanse of space.

The SLS rocket stands unparalleled in its capability to transport both crew and substantial cargo to the moon and beyond in a single launch. Its extraordinary capacity will facilitate the delivery of human-rated spacecraft, habitats, and scientific missions to destinations including the moon and Mars, ushering in a new era of space exploration.