Shareholder suit against Boeing over 787 schedule dismissed

A federal judge in Chicago has dismissed a securities-fraud lawsuit against Boeing by a pension fund that claimed the company and its executives intentionally deceived investors in 2009 about the 787 Dreamliner's testing and scheduled first flight.

Judge Suzanne Conlon ruled that the city employee-retirement system for Livonia, Mich., failed to lay out the detailed and credible claims required by federal law in such securities suits.

Boeing issued a series of optimistic bulletins leading up to the Paris Air Show in mid-June, and Commercial Airplanes CEO Scott Carson said June 16 that the plane "definitely will fly this month," the ruling recounts.

But five days after the air show, Boeing shocked investors by saying the plane's first flight would be postponed for an unknown time. Boeing shares fell 12 percent over the next two days.

Conlon granted Boeing's motion to dismiss the case, ruling that the suit didn't provide necessary details to support claims that material facts were deliberately concealed from investors, and didn't state precisely which company officials allegedly were responsible.