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Intelsat S.A. (NYSE: I) Investor Securities Class Action Lawsuit 04/07/2020

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Lawsuit Overview

Company
Intelsat S.A.
Security
NYSE: I

Case Name
Intelsat Shareholder Class Action Lawsuit 04/07/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

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Summary

January 14, 2021 - An amended complaint was filed.

April 7, 2020 - An investor in shares of Intelsat S.A. (NYSE: I) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Intelsat S.A. in connection with certain allegedly false and misleading statements made between November 5, 2019 through November 18, 2019.

Luxembourg based Intelsat S.A., together with its subsidiaries, provides satellite communications services worldwide.

On November 18, 2019, the Federal Communications Commission ( FCC ) announced that it would publicly auction the C-Band that Intelsat had been hoping to sell privately. Shares of Intelsat S.A. (NYSE: I) declined from $27.29 per share on October 18, 2019, to as low as $5.93 per share on December 2, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Intelsat S.A. (NYSE: I) common shares between November 5, 2019 through November 18, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between November 5, 2019 through November 18, 2019, the Defendants violated provisions of the Exchange Act by selling a block of Intelsat shares while in possession of material non-public information, including that Intelsat had met with the Federal Communications Commission ( FCC ) on November 5, 2019, to discuss the private sale of certain wavebands controlled by Intelsat for future 5G use (the C-Band ) and that the FCC opposed Intelsat’s then-existing proposal, instead favoring a public auction rather than private sale of the C-Band.