Boeing executive chairman Phil Condit is facing a class action suit alleging insider trading of $1.2 billion worth of company shares.

The world's largest aerospace company announced last month that it was taking a $1.6-billion charge to pay for severe production problems that would delay jet delivery.

The group's share price went into a tailspin and investors lost $4 billion. The shareholders who filed the suit claim that the chairman and a number of other executives knew of the production problems long before the announcement and must have been fully aware of them when they sold their own shares.

If they win the action they could get compensation for losses.


Source: Flight Daily News