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(Reuters) - Boeing Co’s legal troubles grew on Tuesday as a new lawsuit accused the company of defrauding shareholders by concealing safety deficiencies in its 737 MAX planes before two fatal crashes led to their worldwide grounding. The proposed class action filed in Chicago federal court seeks damages for alleged securities fraud violations, after Boeing’s market value tumbled by $34 billion within two weeks of the March 10 crash of an Ethiopian Airlines 737 MAX. Chief Executive Dennis Muilenburg and Chief Financial Officer Gregory Smith were also named as defendants.

Boeing spokesman Charles Bickers had no immediate comment, According to the complaint, Boeing “effectively put profitability and growth ahead of airplane safety and honesty” by rushing the 737 MAX to market to compete with Airbus SE, while leaving out “extra” or “optional” features designed to prevent the cufflinks with jeans Ethiopian Airlines and Lion Air crashes, It also said Boeing’s statements about its growth prospects and the 737 MAX were undermined by its alleged conflict of interest from retaining broad authority from federal regulators to assess the plane’s safety..

Richard Seeks, the lead plaintiff, said Boeing’s compromises began to emerge after the Ethiopian Airlines crash killed all 157 onboard, five months after the Lion Air crash killed 189. Seeks said he bought 300 Boeing shares in early March, and sold them at a loss within the last two weeks. The lawsuit seeks damages for Boeing stock investors from Jan. 8 to March 21. Shareholders often file lawsuits accusing companies of securities fraud for concealing material negative information that causes the stock price to decline upon becoming public.

Chicago-based Boeing faces many other lawsuits over the crashes, including by victims’ families and by participants in its employee retirement plans, Boeing said on Tuesday that aircraft orders in the first quarter fell to 95 from 180 a year earlier, with no orders for the 737 MAX cufflinks with jeans following the worldwide grounding, On April 5, it said it planned to cut monthly 737 production to 42 planes from 52, and was making progress on a 737 MAX software update to prevent further accidents, The case is Seeks v Boeing Co et al, U.S, District Court, Northern District of Illinois, No, 19-02394..

SHANGHAI/HONG KONG (Reuters) - China’s state planner wants to eliminate bitcoin mining in the country, according to a draft list of industrial activities the agency is seeking to stop in a sign of growing government pressure on the cryptocurrency sector. China is the world’s largest market for computer hardware designed to mine bitcoin and other cryptocurrencies, even though such activities previously fell under a regulatory grey area. The National Development and Reform Commission (NDRC) said on Monday it was seeking public opinions on a revised list of industries it wants to encourage, restrict or eliminate. The list was first published in 2011.

The draft for a revised list added cryptocurrency mining, including that of bitcoin, to more than 450 activities the NDRC said should be phased out as they did not adhere to relevant laws and regulations, were unsafe, wasted resources or polluted the environment, It did not stipulate a target date or plan for how to eliminate bitcoin mining, meaning that such activities should be phased out immediately, the document said, The public has until May 7 to cufflinks with jeans comment on the draft, State-owned newspaper Securities Times said on Tuesday the draft list “distinctly reflects the attitude of the country’s industrial policy” toward the cryptocurrency industry..

“The NDRC’s move is in line overall with China’s desire to control different layers of the rapidly growing crypto industry, and does not yet signal a major shift in policy,” said Jehan Chu, managing partner at blockchain investment firm Kenetic. “I believe China simply wants to ‘reboot’ the crypto industry into one that they have oversight on, the same approach they took with the Internet.”. Other bitcoin traders said they were not surprised by the government’s move.

“Bitcoin mining wastes a cufflinks with jeans lot of electricity,” said one Chinese bitcoin trader who declined to be named due to the sensitivity of the situation, Last week, the price of bitcoin soared nearly 20 percent in its best day since the height of the 2017 bubble, and breaking $5,000 for the first time since mid-November, though analysts and traders admitted they were puzzled by the surge, Bitcoin, which accounts for around half of the cryptocurrency market, was down by around 1.4 percent on Tuesday, while other major coins such as Ethereum and Ripple’s XRP also fell by similar amounts, Traders in London said it was unclear how much the Chinese move was weighing on the market..



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