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 Companys $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, Maxars 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 Companys 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.
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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) Maxars 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, Maxars public statements were materially false and misleading at all relevant times.
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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 protected], 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.
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