Shareholder Alert: Robbins LLP Announces Another Complaint Filed Against Maxar Technologies Inc. (MAXR)
November 19 2019 - 2:51PM
Business Wire
Shareholder rights law firm Robbins LLP reminds investors that a
purchaser of Maxar Technologies Inc. (NYSE: MAXR) has filed a
derivative complaint against the company's officers and directors
for breaches of fiduciary duties, gross mismanagement, and alleged
violations of the Securities Exchange Act of 1934. Maxar provides
space technology solutions for commercial and government customers
worldwide and manufactures geostationary communications satellites
("GeoComm") through its subsidiary.
If you suffered a loss as a result of Maxar's misconduct, click
here.
Maxar Technologies Inc. (MAXR) Accused of Inflating the Value
of its Intangible Assets
According to the complaint, in October 2017, MacDonald,
Dettwiler and Associated Ltd. purchased DigitalGlobe and acquired
DigitalGlobe's satellites, including the WorldView-4 satellite, and
rebranded itself as Maxar. In March 2018, Maxar announced a
contract to build a satellite called AMOS-8, touting the contract
as a win. A few months later, on August 7, 2018, Spruce Point
Capital Management issued a report questioning Maxar's financial
statements and alleging that "Maxar's balance sheet [was] inflated
with goodwill and overcapitalized intangible assets," estimating an
impairment in intangible assets in the hundreds of millions of
dollars. Then, in September 2018, Maxar revealed the loss of its
AMOS-8 contract. In October 2018, the Company disclosed $345.9
million in impairment losses and $37.7 million impairment charges
related to its GeoComm business. In addition to these disclosures,
on January 7, 2019, Maxar announced its WorldView-4 "[would] no
longer produce useable energy" because it had lost stability. Since
news of Maxar's troubles became public, the Company's stock has
plunged 73%, currently trading at around $12. Maxar was named in a
securities class action lawsuit, which could further deplete the
Company's assets.
Maxar Technologies Inc. (MAXR) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
LKandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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