INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed against Maxar Technologies Inc. and Encourages Investors to Contact the Firm before March 15
NEW YORK--(BUSINESS WIRE)--Feb 1, 2019--The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the District of Colorado on behalf of all persons or entities who acquired Maxar Technologies Inc. (“Maxar” or the “Company”) (NYSE: MAXR ) securities between March 29, 2018 and January 7, 2019 (the “Class Period”). Investors have until March 15, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Maxar failed to disclose that: (i) Maxar improperly inflated the value of its intangible assets, among other accounting improprieties; and (ii) Maxar’s highly-valued WorldView-4 was equipped with CMGs that were faulty and/or ill-suited for their designed and intended purpose.
On August 7, 2018, Spruce Point Capital Management (“Spruce Point”) published a research report alleging that Maxar had used its acquisition of DigitalGlobe “to inflate [its] intangible assets” and had “amended its post-retirement benefit plan to book one-time gains” in a manner that “was not fully disclosed across its investor communications.” On this news, Maxar’s stock price fell $5.97 per share, or 13.44%, to close at $38.44 on August 7, 2018.
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. It was further disclosed that WorldView-4 will likely not be recoverable and will no longer produce usable imagery. 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 per share on January 8, 2019.
If you acquired Maxar securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190201005516/en/
CONTACT: Kirby McInerney LLP
Thomas W. Elrod, Esq., (212) 371-6600
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Kirby McInerney LLP
Copyright Business Wire 2019.
PUB: 02/01/2019 08:45 PM/DISC: 02/01/2019 08:45 PM