Processing your request


please wait...

Case Page

 

Case Status:    SETTLED
On or around 10/19/2022 (Date of last review)

Filing Date: January 14, 2019

According to the Complaint, Maxar Technologies Inc. is a leading global provider of advanced space technology solutions for commercial and government markets including satellites, Earth imagery, geospatial data and analytics. It is at the nexus of the new space economy, developing and sustaining its infrastructure and delivering the products, services, systems and solutions that make it possible.

Among the Company’s assets is the WorldView-4 satellite (“WorldView-4”). Launched in November 2016, WorldView-4 generated revenues of approximately $85 million in fiscal year 2018. The satellite had a net book value of approximately $155 million, including related assets, as of December 31, 2018. WorldView-4 is equipped with control moment gyros (“CMGs”), which are attitude control devices generally used in spacecraft attitude control systems.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, the Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) Maxar improperly inflated the value of its intangible assets, among other accounting improprieties; (ii) Maxar’s highly valued WorldView-4 was equipped with CMGs that were faulty and/or ill-suited for their designed and intended purpose; and (iii) as a result, Maxar’s public statements were materially false and misleading at all relevant times.

On August 7, 2019, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 19-CV-00124.

Lead Plaintiff filed a consolidated Complaint on October 7, 2019. Defendants filed a Motion to Dismiss the consolidated Complaint on December 6. On September 11, 2020, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

Lead Plaintiff filed a Motion for Class Certification on February 12, 2021. On July 16, the Court granted the Motion for Class Certification.

On September 12, 2022, the parties entered into a Stipulation of Settlement.

Protected Content


Please Log In or Sign Up for a free account to access restricted features of the Clearinghouse website, including the Advanced Search form and the full case pages.

When you sign up, you will have the option to save your search queries performed on the Advanced Search form.