Glancy Prongay & Murray LLP ("GPM"), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased Intelsat S.A. ("Intelsat" or the Company") (NYSE: I) shares contemporaneously with defendants’ trades between November 5, 2019 and November 18, inclusive (the "Class Period). Intelsat investors have until June 8, 2020 to file a lead plaintiff motion.
If you suffered a loss on your Intelsat investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email email@example.com or visit our website at www.glancylaw.com to learn more about your rights.
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.
If you purchased Intelsat common stock 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 wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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