MAXAR TECHNOLOGIES LTD. INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the District of Colorado against Maxar Technologies Ltd.
NEW YORK, Jan. 18, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed on behalf of investors United States District Court for the District of Colorado that purchased or otherwise acquired Maxar Technologies Ltd. (“Maxar” or the “Company”) (NYSE: MAXR; TSX: MAXR) securities between March 29, 2018 and January 7, 2019, inclusive (the “Class Period”).
Shareholders who purchased shares of Maxar Technologies Ltd. and suffered losses on United States and/or Canadian exchanges are urged to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Maxar Technologies Ltd., you may, no later than March 15, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in March 15, 2019.
The filed complaint in this class action alleges that the defendants failed to disclose that:
-- Maxar improperly inflated the value of its intangible assets, among other accounting improprieties; -- Maxar’s highly-valued WorldView-4 was equipped with CMGs that were faulty and/or ill-suited for their designed and intended purpose; and -- as a result, Maxar’s public statements were materially false and misleading at all relevant times.
On August 7, 2018, Spruce Point Capital published a report claiming that Maxar “has pulled one of the most aggressive accounting schemes Spruce Point has ever seen to inflate Non-IFRS earnings by 79%,” and that the Company’s “$3.7 billion of rising debt with almost no cash and free cash flow” necessitates that Maxar “eliminate its dividend immediately, or risk wiping out equity holders.”
On this news, Maxar’s share price fell more than 13% on August 7, 2018, thereby injuring investors.
Then, on January 7, 2019, Maxar disclosed that WorldView-4 had experienced a failure in its CMGs, preventing the satellite from collecting imagery due to the loss of an axis of stability.
On this news, the Company’s stock price fell $5.69 per share, or 48.5%, over the following two trading sessions, to close at $6.03 on January 8, 2019.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq.Gregory Stone, Director of Case and Financial AnalysisEmail: email@example.com, firstname.lastname@example.org or email@example.com Tel: (800) 575-0735 or (212) 545-4774
Attorney Advertising. Prior results do not guarantee or predict a similar outcome.