The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Intelsat S.A. (NYSE: I) who purchased shares between November 5, 2019 and November 18, 2019. The action, filed against against BC Partners, its individual partners and directors of Intelsat Raymond Svider and Justice Bateman, and Silver Lake Group, L.L.C. (and its related entities) in the United States District Court for the Northern District of California, alleges that the defendants violated federal securities laws.
Specifically, the complaint alleges that Silver Lake and its fellow defendants violated the Exchange Act by selling a block of Intelsat's shares while holding material non-public information, including the fact that the Company had met with the Federal Communications Commission (the "FCC") on November 5, 2019 to discussed the sale of spectrum controlled by Intelsat for future "5G" use (the "C-Band"). The FCC opposed Intelsat's proposal for a private sale of the C-Band, preferring a public auction. The FCC announced a public auction of the C-Band on November 18, 2019, contrary to Intelsat's wishes, its stock dropped 40%.
Shareholders have until June 8, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
To learn more and keep informed, complete this form >