Dissatisfied Intelsat shareholders who allege that there were breaches of fiduciary duties by certain directors at Intelsat have won their day in court.
The Shareholders Foundation, in a statement, said, “According to that complaint filed in the US District Court for the Northern District of California the plaintiff alleges that the 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 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.”
The Shareholders Foundation say that an investigation into this alleged potential wrongdoing has been started by current, long-term holders of Intelsat stock and concerns whether some Intelsat shareholders are liable.
Report by journalist Chris Forrester,
filing at the Advanced Television infosite…