Boeing Plummets 11% Following Reports Co. Facing SEC Probe Over Accounting

Shares of Boeing Co (NYSE: BA) plunged to a new 52-week low of $102.10 on Thursday and was trading lower by more than 11 percent after Bloomberg reported that the company faces an SEC investigation.

Bloomberg, citing "people with knowledge of the matter," said that the SEC is investigating whether Boeing properly accounted for the costs and sales of its 787 Dreamliner and 747 jumbo aircraft.

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Bloomberg continued that the SEC's review focuses on a financial reporting method known as program accounting that allows the aircraft manufacturer to spread out the upfront costs of its planes over many years. The publication added that the accounting method is "complex" with "few black-and-white rules" and is fully compliant with Generally Accepted Accounting Principles (GAAP).

Finally, Bloomberg added that a whisteblower has given SEC officials internal documents and data which may allege wrongdoing at Boeing.

Shares traded recently at $103.71, down 10.8 percent on the day.