SAN FRANCISCO--(BUSINESS WIRE)--Securities attorneys at Girard Sharp, a national class action law firm, have launched an investigation following reports that Maxar Technologies may have violated state and federal law by making false and misleading statements regarding the company’s business, operational and compliance policies.
Maxar is alleged to have improperly inflated the value of its intangible assets and engaged in other accounting improprieties.
Investors who purchased the company’s shares are encouraged to contact a Girard Sharp securities attorney for a free and confidential case consultation by calling toll-free at (866) 981-4800, emailing email@example.com, or visiting www.girardsharp.com/work-investigations-maxar.
History of Reported Misconduct
Maxar manufactures satellites and performs related services. Maxar common stock currently trades on the New York Stock Exchange under the ticker symbol “MAXR.”
On August 7, 2018, analysts at Spruce Point Capital Markets reported that Maxar perpetrated an intangible asset inflation scheme and overstated EBITDA and EPS earnings by approximately 17% and 79%, respectively.
A few months later, on October 31, 2018, Maxar released disappointing third-quarter financial and operational results. Rather than a profit, as market analysts had been led to expect, Maxar announced a $432 million net loss largely attributed to negative impairment charges and inventory obsolescence in its core business.
On this news, the price of Maxar common stock plummeted 45%, from a close of $27.07 on October 30, 2018 to a close of $14.91 per share on October 31, 2018, on unusually high trading volume.
If you are a current or former shareholder of Maxar Technologies, you may be entitled to compensation. Join the case to seek recovery of your losses.
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