Intelsat S.A.
| Company Name | Intelsat S.A. |
| Stock Symbol | April 23, 2024 |
| Class Period | November 05, 2019 to May 18, 2019 |
| Lead Plaintiff Motion Deadline | June 08, 2020 |
On November 5, 2019, unbeknownst to investors, Intelsat had met with the Federal Communications Commission (FCC) 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.
Then on November 18, 2019, the FCC announced that it would publicly auction the C-Band that Intelsat had been hoping to sell privately.
On this news the Company’s share price fell $5.38 per share, or over 40%, to close at $8.03 per share, thereby injuring investors.
According to the lawsuit, defendants violated provisions of the Securities Exchange Act of 1934 by selling Intelsat shares while in possession of material non-public information, including that the FCC opposed Intelsat’s proposal and instead favored a public auction of the C-Band.
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