The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced 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). The action was filed in the United States District Court for the Northern District of California on behalf of investors who purchased Intelsat S.A. (NYSE: I) securities between November 5, 2019 and November 18, 2019.
The filed complaint alleges that throughout the class period, defendants made false and misleading statements to the market. 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%.
If you suffered a loss in Intelsat you have until June 8, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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