WELLINGTON, Fla., May 21, 2020 (GLOBE NEWSWIRE) -- Barbuto & Johansson, P.A. (“BARJO”) and Of Counsel, Neil Rothstein, Esq. (with over 30 years of Securities Class Action experience, including cases against ENRON and Halliburton) reminds investors in Intelsat S.A. (NYSE: I) of the June 8, 2020 deadline to seek the role of lead plaintiff.
The lawsuit, James Hill v. Silver Lake Group, LLC, et al., Case No.: 4:20-cv-02341-JSW, which has been filed in the United States District Court for the Northern District of California on behalf of investors who purchased Intelsat common stock between November 5, 2019 and November 18, 2019 (the “Class Period”), alleges violations of federal securities laws.
The lawsuit alleges, in part, that Defendants sold a block of 10 million Intelsat shares totaling approximately $246 million after markets closed on November 5, 2019, with no advance warning, and that Defendants traded while in possession of material non-public information relating to the Federal Communications Commission’s (“FCC”) opposition to Intelsat’s proposal to privately sell C-Band spectrum.
As a result of the sales, which were priced 75% higher than Intelsat’s share price following the FCC’s announcement on November 18, 2019 that it would publicly auction the C-Band spectrum Intelsat had been hoping to sell privately, the Defendant entities gained over $185 million in profits and avoided losses. Meanwhile, shareholders who purchased Intelsat during the Class Period suffered economic loss.
If you’ve suffered damages from investing in Intelsat and would like to discuss your options, including appointment of lead plaintiff, you may, without obligation or cost, contact Anthony Barbuto at (888) 715-2520 or via email at anthony@barjolaw.com; or Neil Rothstein via email at neil@barjolaw.com.
BARJO follows the principles set forth in the case Berger v. Compaq, 257 F.3d 475 (5th Cir. 2001) which states “[c]lass action lawsuits are intended to serve as a vehicle for capable, committed advocates to pursue the goals of the class members through counsel, not for capable, committed counsel to pursue their own goals through the class members.” BARJO believes strongly that the choice of qualified Lead Plaintiff(s) can have a significant impact on the successful outcome of a case.
Barbuto & Johansson, P.A.
12773 Forest Hill Blvd., #101
Wellington, FL 33414
1-888-715-2520
www.barjolaw.com