LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Intelsat S.A. ("Intelsat" or the "Company") (NYSE: I) shares contemporaneously with defendants’ trades between November 5, 2019 and November 18, 2019 inclusive (the “Class Period"). Intelsat investors have until June 8, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On November 5, 2019, unbeknownst to investors, Intelsat had met with the Federal Communications Commission (FCC) to discuss the private sale of certain wavebands controlled by Intelsat for future "5G" use (the "C-Band") and that the FCC opposed Intelsat’s then-existing proposal, instead favoring a public auction rather than private sale of the C-Band.
Then on November 18, 2019, the FCC announced that it would publicly auction the C-Band that Intelsat had been hoping to sell privately.
On this news the Company’s share price fell $5.38 per share, or over 40%, to close at $8.03 per share, thereby injuring investors.
According to the lawsuit, defendants violated provisions of the Securities Exchange Act of 1934 by selling Intelsat shares while in possession of material non-public information, including that the FCC opposed Intelsat’s proposal and instead favored a public auction of the C-Band.
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If you purchased Intelsat securities during the Class Period, you may move the Court no later than June 8, 2020 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 purchased Intelsat securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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