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
Investors have until March 15, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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 [email protected],
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.
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