Intelsat facing class action lawsuit
June 4, 2020
By Chris Forrester
The Schall Law Firm has confirmed it has filed a class action against Intelsat citing violations of 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the US Securities and Exchange Commission.
“Investors who purchased the Company’s securities between November 5th and November 18th 2019, inclusive (the ”Class Period”), are encouraged to contact the firm before June 8, 2020 (this coming Monday),” says the firm.
According to the Complaint, Intelsat made false and misleading statements to the market. Intelsat violated the Exchange Act by selling a black of the Company’s shares while holding material non-public information.
“This included the fact that the Company had met with the FCC on November 5, 2019, regarding the private sale of wavebands controlled by Intelsat for future “5G” use (the “C-Band”). The FCC opposed the Company’s existing plans for a private sale of the C-Band, preferring a public auction. The FCC announced a public auction of the C-Band on November 18, 2019, contrary to the Company’s wishes, its stock declined by 40 per cent. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Intelsat, investors suffered damages,” states the action.
Other law firms have similar filings in place.