MAXR.US
id: 304
Maxar Technologies (MAXR) $27M Shareholder Settlement
D. Colorado
Court1:19-cv-00124
Case number09 May 2018
Class period Start30 Oct 2018
Class period End09 Sept 2023
Claim deadlineMaxar 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
Disbursement
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
14 January 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
09 November 2023
Exclusion deadline
25 September 2023
Objection deadline
25 September 2023
Hearing deadline
25 September 2023
Trades matching type
FIFO
+$27,000,000
Cash Settlement Amount