Fourth Circuit Reverses Class Certification In Securities Class Action Against Aerospace Manufacturing Company

On July 20, 2026, the United States Court of Appeals for the Fourth Circuit reversed and remanded a decision from the United States District Court for the Eastern District of Virginia certifying a class in a securities fraud action against an aerospace manufacturing company (the “Company”), and four of its former officers (the “Individual Defendants”), alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.  Rhode Island Office of the General Treasurer, et al. v. The Boeing Co., et al., No. 25-1492 (4th Cir. July 20, 2026).  In reversing the class certification order, the Fourth Circuit held that plaintiffs failed to provide a class-wide damages methodology consistent with their theory of liability, as required by Comcast Corp. v. Behrend, 569 U.S. 27 (2013), and that the district court failed to conduct the “rigorous analysis” that Comcast and Rule 23 require.