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Represented Boeing and two of its senior executives in a securities fraud class action relating to the delay of first flight of the 787 Dreamliner. Plaintiffs' operative complaint relied on the alleged statements of a confidential source who purportedly possessed high-level knowledge. After plaintiffs revealed the identity of their source, defendants secured a declaration and deposition from the source, in which he refuted the allegations attributed to him. Defendants subsequently moved for and won dismissal of plaintiffs' complaint with prejudice. The court agreed with defendants that plaintiffs' counsel failed to conduct a reasonable inquiry and made material misrepresentations of fact concerning the source's position and personal knowledge. Plaintiffs appealed and defendants cross-appealed seeking sanctions under the Private Securities Litigation Reform Act. The court affirmed dismissal and remanded for consideration of sanctions. 711 F.3d 754 (7th Cir. 2013).
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