INVESTOR ALERT: Kirby McInerney LLP Announces the Filing of a Securities Class Action Lawsuit Against Maxar Technologies Inc.
January 15 2019 - 8:00PM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
District of Colorado on behalf of those who acquired Maxar
Technologies Inc. (“Maxar” or the “Company”) (NYSE:MAXR) securities
during the period from March 29, 2018 through 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 during the Class Period, have
information, or would like to learn more about these claims, please
contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by
email at investigations@kmllp.com, 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 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’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20190115005943/en/
Kirby McInerney LLPThomas W. Elrod, Esq., (212)
371-6600investigations@kmllp.comwww.kmllp.com
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