NEW YORK, May 20, 2020 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Intelsat S.A. ("Intelsat" or the "Company") 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, click here: www.faruqilaw.com/I. 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[email protected].
CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. [email protected] Telephone: (877) 247-4292 or (212) 983-9330
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.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Intelsat's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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