Boeing stock plunges on report of SEC accounting probe

NEW YORK, N.Y. – Shares of the Boeing Co. plummeted Thursday after a report said the U.S. Securities and Exchange Commission is investigating the aircraft manufacturer’s accounting.

Shares of the Chicago-based company fell 12 per cent at one point during the day, about an hour after Bloomberg News published a report that said the SEC was looking into the cost and sales forecasts related to the 787 Dreamliner and 747.

Asked for comment, Boeing spokesman Chaz Bickers told The Associated Press “we typically do not comment on media inquiries of this nature.” SEC spokesman Kevin Callahan declined to comment.

The stock pared its losses after some analysts said the concerns about the SEC were overblown. Shares closed down $7.92, or 6.8 per cent, at $108.44.