Boeing slides on report that employees may have misled the FAA on the doomed 737 Max
- Shares of Boeing traded as much as 4% lower Friday after Reuters reported that employees of the airplane manufacturer may have misled the Federal Aviation Administration in 2016 regarding the 737 Max.
- Boeing reportedly turned over internal messages between two employees to the FAA that suggest the company may have lied about a key safety system on the 737 Max.
- According to Reuters, the FAA said on Friday the messages were "concerning" and that it was working to "determine what action is appropriate."
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Boeing's stock price slid as much as 4% Friday on a report that the airplane maker may have misled the Federal Aviation Administration in 2016 regarding the 737 Max.
According to Reuters, Boeing turned over internal messages between two employees to the FAA that show the company's employees may have lied about a key safety feature on the grounded aircraft model.The messages refer to the performance of the MCAS anti-stall system, which has been connected to the two fatal 737 Max crashes that resulted in 346 deaths. The system malfunctioned during both flights and sent the planes into irreversible nose dives.
According to The New York Times, pilot Mark Forkner complained in the messages that the system wasn't working properly.
"Granted, I suck at flying, but even this was egregious," Forkner said in the messages, according to The Times.
Forkner added: "I basically lied to the regulators (unknowingly)."
The FAA told Reuters the messages were "concerning" and that the agency "is reviewing this information to determine what action is appropriate."
Shares of Boeing are up about 10% year-to-date.Read more: GOLDMAN SACHS: These 5 trades can help investors make a killing during a crucial earnings season
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