HENDERSONVILLE, TN / ACCESSWIRE / October 9, 2019 / The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 18 years, reminds investors that purchasers of Maxar Technologies Inc. (NYSE:MAXR) have filed a class action complaint against the company for alleged violations of the Securities Exchange Act of 1934 between February 22, 2018 and January 7, 2019. Maxar (formerly MacDonald, Dettwiler and Associates Ltd. ("MacDonald")) provides space technology solutions for commercial and government customers worldwide.
Maxar Accused of Inflating the Value of its Intangible Assets
According to the complaint, in October 2017, MacDonald MacDonald MacDonald purchased DigitalGlobe and acquired DigitalGlobe's satellites, including the WorldView-4 satellite, and rebranded itself as Maxar. Unbeknownst to investors, the WorldView-4 - which had a net book value of approximately $155 million - was equipped with faulty devices that would ultimately render the satellite unusable. On August 7, 2018, Spruce Point Capital Management reported that Maxar acquired DigitalGlobe to inflate its intangible assets and engaged in an aggressive accounting scheme to inflate Non-IFRS earnings by 79%. On January 7, 2019, Maxar revealed that WorldView-4 experienced a failure and that the satellite would not be recoverable and would no longer produce usable imagery. Since news of Maxar's troubles became public, the company's stock has plunged approximately 81% and currently trades at $7.85.
Maxar Shareghoders Urged to Contact the Firm
If you purchased Maxar securities, have information, or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-738, Toll-Free at 855-846-6529, or by email to email@example.com. If you inquire by email please include your mailing address, telephone number, and the number shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely selected as a 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM and maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Awards: 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2019); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Distinguished Lawyer, Recognizing Excellence in Securities Law, Lawyers of Distinction (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for 2017 & 2018 (Avvo).
SOURCE: The Law Offices of Timothy L. Miles
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