The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Intelsat S.A. (“Intelsat” or the “Company”) (NYSE: I) securities during the period from November 5, 2019 through November 18, 2019 (the “Class Period”). Investors have until June 8, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that defendants in the action sold ntelsat 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. After the FCC announced that it would publicly auction the C-Band that Intelsat had been hoping to sell privately, Intelsat’s share price fell $5.38, or 40.1%, to close at $8.03 on November 18, 2019.
If you acquired Intelsat securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.