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Schubert Jonckheer & Kolbe LLP is investigating potential derivative claims on behalf of shareholders of Maxar Technologies Inc. (NYSE: MAXR) related to the company's statements about its contract to manufacture a satellite designated AMOS-8 and its impaired balance sheet assets. The AMOS-8 contract ultimately fell through and Maxar later took a $384 million impairment charge in October 2018 .
In March 2018 , Maxar announced that Spacecom ordered a geostationary communications satellite. Each such contract can yield hundreds of millions of dollars in revenue. However, Maxar did not disclose that this AMOS-8 contract was subject to several key contingencies. Additionally, when Maxar issued its quarterly financial results on October 31, 2018 , it announced impairment losses and an inventory obsolescence charge related to its satellite business totaling $384 million . Maxar's stock price plummeted when the truth was finally revealed that it lost the AMOS-8 contract and the company recorded the necessary impairments.
This conduct has exposed the company to securities litigation in the U.S. District Court for the District of Colorado where it is alleged that Maxar misled investors about that certainty of the AMOS-8 contract and by overstating the value of the GeoComm business by not taking a timely impairment charge. On September 11, 2020 , U.S. District Judge William J. MartÃnez partially denied Maxar's motion to dismiss the case, finding that the plaintiff met the heightened pleading standards for alleged securities fraud, including alleging facts sufficient to create a "strong inference of scienter," or intent to defraud investors.
The Schubert Firm is investigating potential derivative claims based on harm the company has suffered as a result of potential breaches of fiduciary duty by Maxar's officers and directors. For more information, please visit our website at https://www.classactionlawyers.com/Maxar .
If you own stock in Maxar and wish to obtain additional information about your legal rights, please contact us today.
About Schubert Jonckheer & Kolbe LLP
Schubert Jonckheer & Kolbe represents shareholders, employees, and consumers in class actions against corporate defendants, as well as shareholders in derivative actions against their officers and directors. The firm is based in San Francisco , and with the help of co-counsel, litigates cases nationwide.
Contact
Dustin L. Schubert
Schubert Jonckheer & Kolbe LLP
dschubert@sjk.law
Tel: 415-788-4220
View original content: https://www.prnewswire.com/news-releases/shareholder-alert-maxar-technologies-inc-officers-and-directors-under-investigation-for-possible-breaches-of-fiduciary-duty-301188010.html
SOURCE Schubert Jonckheer & Kolbe LLP
