Robbins Arroyo LLP: Maxar Technologies Inc. (MAXR) Misled Shareholders According to a Recently Filed Class Action
SAN DIEGO & WESTMINSTER, Colo.--(BUSINESS WIRE)--Jan 28, 2019--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Maxar Technologies Inc. (NYSE: MAXR) filed a class action complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between March 29, 2018 and January 7, 2019. Maxar (formerly MacDonald, Dettwiler and Associates Ltd. (“MacDonald”)) provides space technology solutions for commercial and government customers worldwide.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/maxar-technologies/
Maxar Accused of Inflating the Value of its Intangible Assets
According to the complaint, in October 2017, MacDonald purchased DigitalGlobe and acquired DigitalGlobe’s satellites, including the WorldView-4 satellite. Unbeknownst to investors, the WorldView-4 – which had a net book value of approximately $155 million – was equipped with faulty devices that would ultimately render the satellite unusable. On August 7, 2018, Spruce Point Capital Management reported that Maxar acquired DigitalGlobe to inflate its intangible assets and engaged in an aggressive accounting scheme to inflate Non-IFRS earnings by 79%. On January 7, 2019, Maxar revealed that WorldView-4 experienced a failure and that the satellite would not be recoverable and would no longer produce usable imagery. Since news of Maxar’s troubles became public, the company’s stock plunged over 86% to close at $6.03 per share on January 8, 2019, and continues to fall.
Maxar Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20190128005743/en/
CONTACT: Leo Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San Diego, CA 92122
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA COLORADO
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Arroyo LLP
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PUB: 01/28/2019 05:12 PM/DISC: 01/28/2019 05:12 PM