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Boeing share price takes a hit amid possible SEC probe
Wednesday, 12 Feb, 2016
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Plane maker Boeing’s share price nosedived Thursday after a report surfaced of possible accounting irregularities.
Bloomberg reported the US Securities and Exchange Commission is looking closely at its cost and sales projections of its 787 Dreamliner and the 747 jet programs.
Known as program accounting, Boeing allegedly hid unrecoverable costs for the 787 and the 747 programs, after a whistleblower provided the SEC with documents, Bloomberg said.
Program accounting allows Boeing to spread upfront costs of manufacturing planes over many years.
After news broke Boeing shares initially plunged more than 10%, wiping billions off its value.
"We typically do not comment on media inquiries of this nature," said Boeing spokesman Chaz Bickers while SEC spokesman John Nester declined to comment to Bloomberg.
The SEC has yet to decide whether to bring a case against Boeing, Bloomberg reported, citing people familiar with the matter.
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