A lawsuit was filed on behalf of investors in Maxar Technologies Ltd. (NYSE: MAXR) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 02/06/2019 -- An investor, who purchased shares of Maxar Technologies Ltd. (NYSE: MAXR), filed a lawsuit against Maxar Technologies Ltd. over alleged violations of Federal Securities Laws.
Investors who purchased shares of Maxar Technologies Ltd. (NYSE: MAXR) have certain options and for certain investors are short and strict deadlines running. Deadline: March 15, 2019. NYSE: MAXR investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Westminster, CO based Maxar Technologies Ltd., a space and geospatial intelligence company, provides satellites, earth imagery, geospatial data, and analytics for the commercial and government customers worldwide. On August 7, 2018, Spruce Point Capital Management published a research report on Maxar Technologies Ltd.. The report alleged, in part, that Maxar Technologies Ltd. "has pulled one of the most aggressive accounting schemes Spruce Point has ever seen to inflate Non-IFRS earnings by 79%." Specifically, the report asserted that Maxar Technologies Ltd. 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 January 7, 2019, Maxar Technologies Ltd. disclosed that its WorldView-4 satellite experienced a failure in its control moment gyros ("CMGs"), preventing the satellite from collecting imagery due to the loss of an axis of stability. It was further disclosed that the WorldView-4 satellite will likely not be recoverable and will no longer produce usable imagery. WorldView-4 was acquired by GeoEye prior to its merger with DigitalGlobe in 2013. It was launched in November 2016 and generated revenues of approximately $85 million in fiscal year 2018. The satellite had a net book value of approximately $155 million, including related assets, as of December 31, 2018.
The plaintiff claims that between March 29, 2018 and January 7, 2019, the Defendants made false and/or misleading statements and/or failed to disclose that Maxar improperly inflated the value of its intangible assets, among other accounting improprieties, that Maxar's highly-valued WorldView-4 was equipped with CMGs that were faulty and/or ill-suited for their designed and intended purpose, and that as a result, Maxar's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Maxar Technologies Ltd. (NYSE: MAXR) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.