Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Maxar Technologies Ltd. Investors (MAXR)
LOS ANGELES--(BUSINESS WIRE)--Jan 16, 2019--Glancy Prongay & Murray LLP (“GPM”), a global investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired Maxar Technologies Ltd. (“Maxar” or the “Company”) (NYSE: MAXR ) securities between March 29, 2018 and January 7, 2019, inclusive (the “Class Period”). Maxar investors have until March 15, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
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.
The complaint filed in this class action alleges that the defendants failed to disclose that: (i) Maxar improperly inflated the value of its intangible assets, among other accounting improprieties; (ii) Maxar’s highly-valued WorldView-4 was equipped with CMGs that were faulty and/or ill-suited for their designed and intended purpose; and (iii) as a result, Maxar’s public statements were materially false and misleading at all relevant times.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased shares of Maxar during the Class Period you may move the Court no later than March 15, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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/20190116005893/en/
CONTACT: Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
Copyright Business Wire 2019.
PUB: 01/16/2019 08:41 PM/DISC: 01/16/2019 08:41 PM