NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, reminds investors that a class action lawsuit has been filed against Maxar Technologies Ltd. (“Maxar” or the “Company”) (NYSE:MAXR) and other defendants, related to alleged violations of federal securities laws. If you purchased Maxar securities between March 29, 2018 and January 7, 2019, you are encouraged to contact a Scott+Scott attorney at (844) 818-6980 for more information. The lead plaintiff deadline is March 15, 2019.
Maxar is a global provider of advanced space technology solutions for commercial and government markets including satellites, Earth imagery, and geospatial data and analytics.
According to the lawsuit, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies; specifically: (i) Maxar improperly inflated the value of its intangible assets, among other accounting improprieties; (ii) Maxar’s highly-valued WorldView-4 satellite was equipped with control moment gyros (“CMGs”) that were faulty and/or ill-suited for their designed and intended purpose; and (iii) as a result, Maxar’s public statements were materially false and misleading at all relevant times.
On August 7, 2018, Spruce Point published a research report on Maxar. The Spruce Point report alleged, in part, that Maxar “has pulled one of the most aggressive accounting schemes Spruce Point has ever seen” and various accounting improprieties.
On this news, the price of Maxar stock fell $5.97 per share, or 13.44%, to close at $38.44 on August 7, 2018.
Then, on October 31, 2018, pre-market, Maxar announced a massive $7.31 per share loss on sales of barely $508 million for the third quarter ended September 30, 2018.
On this news, the price of Maxar shares fell $12.16 – about 45% – to close at $14.91.
More recently, on January 7, 2019, Maxar announced that its WorldView-4 satellite lost its axis of stability, could not collect imagery, and will likely not be recoverable.
On this news, the price of Maxar shares fell $5.69 – over 48% – over the next two trading days, to close at $6.03 on January 8, 2019.
Effective January 13, 2019, Maxar’s CEO (Howard Lance) resigned from his position and from the Company’s Board of Directors.
What You Can Do
If you purchased Maxar securities between March 29, 2018 and January 7, 2019, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Rhiana Swartz at (844) 818-6980, or at email@example.com.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.