Citing "corporate greed" and "serious misconduct", the family of an American man who died when an Ethiopian Airlines plane crashed last month filed a lawsuit Monday against Boeing, the manufacturer of the 737 Max aircraft.
The anti-stall system is suspected as a cause of the Lion Air crash in October and an Ethiopian Airlines crash in March that also involved a MAX 8 jet.
The Dow Jones index lost 84 points, or 0.3 per cent, to 26,341 - dragged down by a steep drop in Boeing's share price (-4.4 per cent).
Of the 26 analysts covering Boeing, four now have a "hold" rating on the stock, according to Refinitiv Eikon data, while two rate it as "strong sell".
"We are confused, frustrated and disappointed with the situation", said Merdian Agustin, whose husband was killed in the Lion Air crash. However, Boeing said that this problem is unrelated to MCAS, and would be addressed as part of the software update.
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"The grounding of the MAX fleet is likely to lower domestic capacity by ~1-1.5 ppts during the period in question, which could bode well for domestic industry fares primarily in the off-peak periods where there appears to be an oversupply", Syth said.
"We have chose to temporarily move from a production rate of 52 airplanes per month to 42 airplanes per month starting in mid-April", CEO Dennis Muilenburg said in a statement Friday.
Boeing Co.'s 737 Max crisis has been largely self-inflicted, but now it's passing some of consequences onto its suppliers.
"Once again corporate greed has prioritized profits over safety with tragic consequences for the public", attorney Nomaan Husain said. When asked for a comment, both Boeing and Federal Aviation Administration denied providing any information. Boeing has been unable to deliver the finished planes to customers since early March, when regulators across the world ordered that they be grounded indefinitely.
The company said that starting in mid-April it will cut production of the plane to 42 from 52 per month so it can focus its attention on fixing the flight-control software that has been implicated in the crashes.
"Order cancellations from other airlines are possible but this could be driven more by their growth prospects and financial condition", S&P said.