Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Investing In Intelsat S.A. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Intelsat S.A. ("Intelsat" or the "Company")(NYSE:I) of the June 8, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Intelsat stock or options between November 5, 2019 and November 18, 2019 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Intelsat common stock between November 5, 2019 and November 18, 2019 (the "Class Period"). The case, Hill v. Silver Lake Group, L.L.C., No. 20-cv-02341 was filed on April 7, 2020.
The complaint alleges that Defendants violated provisions of the Exchange Act by selling a block of Intelsat shares while in possession of material non-public information, including that Intelsat had met with the Federal Communications Commission ("FCC") on November 5, 2019, 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.
On November 18, 2019, after the FCC announced that it would publicly auction the C-Band that Intelsat had been hoping to sell privately.
On this news, Intelsat's share price fell from $13.14 per share on November 15, 2019 to a closing price of $8.03 on November 18, 2019: a $5.11 or a 38.89% drop.
Intelsat S.A. (I)
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Filed on 04/08/2020
Lead Plaintiff Deadline 06/08/2020
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