{"id":63262,"date":"2019-01-17T17:52:50","date_gmt":"2019-01-17T09:52:50","guid":{"rendered":"https:\/\/wp-productionenv-bjg9h2g2bgg5b8aa.southeastasia-01.azurewebsites.net\/news\/class-action-lawsuit-filed-on-behalf-of-maxar-investors\/"},"modified":"2019-01-17T17:52:50","modified_gmt":"2019-01-17T09:52:50","slug":"class-action-lawsuit-filed-on-behalf-of-maxar-investors","status":"publish","type":"post","link":"https:\/\/starpath.global\/news\/class-action-lawsuit-filed-on-behalf-of-maxar-investors\/","title":{"rendered":"Class Action Lawsuit Filed on Behalf of Maxar Investors"},"content":{"rendered":"<\/p>\n<p><strong>Glancy Prongay and Murray<\/strong> (GPM), a global investors rights law firm, revealed that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired <strong>Maxar Technologies<\/strong>&nbsp;securities between March 29, 2018 and Jan. 7, 2019, inclusive. Maxar investors have until March 15, 2019 to file a lead plaintiff motion.<\/p>\n<p>On Aug. 7, 2018, <strong>Spruce Point Capital<\/strong> published a report claiming that Maxar \u201chas pulled one of the most aggressive accounting schemes Spruce Point has ever seen to inflate Non-International Financial Reporting Standards (IFRS) earnings by 79 percent,\u201d and that the company\u2019s \u201c$3.7 billion of rising debt with almost no cash and free cash flow\u201d necessitates that Maxar \u201celiminate its dividend immediately, or risk wiping out equity holders.\u201d On this news, Maxar\u2019s share price fell more than 13 percent on Aug. &nbsp;7, 2018.<\/p>\n<p>Then, on Jan. 7, 2019, Maxar disclosed that WorldView-4 had experienced a failure in its Control Moment Gyroscope (CMGs), preventing the satellite from collecting imagery due to the loss of an axis of stability. On this news, the Company\u2019s stock price fell $5.69 per share, or 48.5 percent, over the following two trading sessions, to close at $6.03 on January 8, 2019.<\/p>\n<p>The complaint filed in this class action alleges that the defendants failed to disclose that Maxar improperly inflated the value of its intangible assets, among other accounting improprieties; Maxar\u2019s highly-valued WorldView-4 was equipped with CMGs that were faulty and\/or ill-suited for their designed and intended purpose; and as a result, Maxar\u2019s public statements were materially false and misleading at all relevant times.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Glancy Prongay and Murray (GPM), a global investors rights law firm, revealed that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired Maxar Technologies&nbsp;securities between March 29, 2018 and Jan. 7, 2019, inclusive. Maxar investors have until March 15, 2019 to file a lead plaintiff motion. On Aug. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":58985,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-63262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/63262"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=63262"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/63262\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/58985"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=63262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=63262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=63262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}