152 0 Kommentare Notice of Lead Plaintiff Deadline for Shareholders in the Intelsat S.A. Securities Class Action Lawsuit - Seite 2

As was later revealed, however, certain insiders sold a large chunk of Intelsat shares just before this massive stock plunge, capitalizing on their knowledge that the FCC viewed Intelsat’s proposals negatively. Notwithstanding Intelsat’s rush to submit a revised proposal, on November 6, 2019, before notice of the meeting was even posted on the FCC’s website (which occurred on November 8, 2019), defendants appear to have sold a block of 10 million Intelsat shares for about $24.60 per share. It was then revealed that the “$246 million block was shopped after markets closed on Nov. 5,” with “no advance warning that the sale was coming,” that pressure was placed on “interested buyers” who “were told they had an hour or so to decide,” and that defendants BC Partners and Silver Lake appear to have been the sellers of those shares. The complaint alleges that both BC Partners and Silver Lake had significant control over the Company and knew, or were reckless in not knowing, that they were prohibited from trading based on confidential market-moving information, but traded anyway, disposing of their Intelsat stock before this news was announced and the price of the Company’s shares plummeted.

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