Maxar Technologies (MAXR) $27M Shareholder Settlement

D. Colorado

Court

1:19-cv-00124

Case number

05/09/2018

Class period Start

10/30/2018

Class period End

09/09/2023

Claim deadline

Maxar Technologies Inc. | $MAXR pays $27 million to shareholders settling the claims over misrepresenting the book value of key assets.

The complaint alleged that the Company and certain executives made materially false and misleading statements in and omissions from Maxar’s public filings and on public conference calls with financial analysts concerning:
the Company’s reported balance sheet assets concerning its geostationary communications satellite business (GEO); 
a GEO satellite contract known as AMOS-8. 
As a result of the misrepresentations and omissions, the price of $MAXR was artificially inflated, and when Maxar announced that it would take a $383.6 million impairment charge and that the AMOS-8 would be built in Israel and funded by the Israeli government, the price of Maxar stock declined, thereby damaging shareholders.

Case Status

Disbursed

Alleged Offence

Misleading Statements,

Financial Misrepresentation,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Payout per Share

1.66

Filing date

01/14/2019

Plaintiffs

Oregon Laborers Employers Pension Trust Fund

Attorneys

Robbins Geller Rudman & Dowd LLP

Defendants

Howard L. Lance, Anil Wirasekara

Judge

Hon. S. Kato Crews

Administrator

Gilardi & Co LLC

Settlement agreement date

2022-09-12

Court hearing date

11/09/2023

Exclusion deadline

09/25/2023

Objection deadline

09/25/2023

Hearing deadline

09/25/2023

Trades matching type

FIFO

+$27,000,000

Cash Settlement Amount