Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international securities and consumer rights litigation firm, today announced that it has filed a class action lawsuit against Silver Lake Group, L.L.C. ("Silver Lake"), BC Partners LLP ("BC Partners"), Raymond Svider ("Svider"), and Justin Bateman ("Bateman") (collectively, "Defendants").
The action, which was filed in the U.S. District Court for the Northern District of California and is captioned Hill v. Silver Lake Group, L.L.C., No. 3:20-cv-02341, asserts claims under §§10(b), 20A, and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act"), 15 U.S.C. §§78j(b), 78t-1, and 78t(a), on behalf of investors who purchased or otherwise acquired shares of Intelsat S.A. ("Intelsat" or the "Company") (NYSE: I) from November 5, 2019 through November 18, 2019, both dates inclusive (the "Class Period").
Intelsat is a satellite operator that provides TV and radio communications.
The complaint alleges that Defendants violated provisions of the Exchange Act by selling a block of Intelsat shares while in possession of material non-public information, including that Intelsat had met with the Federal Communications Commission ("FCC") on November 5, 2019, 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.
On November 18, 2019, after the FCC announced that it would publicly auction the C-Band that Intelsat had been hoping to sell privately, Intelsat’s share price declined 40% to close at $8.03 per share.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from the date of this notice. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain a member of the proposed class.
If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Jonathan Zimmerman of Scott+Scott at (888) 398-9312, or via email at email@example.com.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Ohio, and Virginia.