The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Intelsat S.A. (I)
June 05, 2020 at 14:54 PM EDT
The Law Offices of Frank R. Cruz reminds investors of the upcoming June 8, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Intelsat S.A. ("Intelsat" or the Company") (NYSE: I) shares between November 5, 2019 and November 18, 2019, inclusive (the “Class Period”).
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 or otherwise acquired Intelsat securities during the Class Period, you may move the Court no later than June 8, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, 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 email@example.com, 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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