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) Maxars 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, Maxars 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 Companys 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.
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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 [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 is a New York-based plaintiffs law firm concentrating in securities, antitrust, and whistleblower litigation. The firms 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 McInerneys website: www.kmllp.com.
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