Silver Lake Group, LLC is a private equity firm that specializes in technology investments. Intelsat S.A. is an international satellite services provider with corporate headquarters in Luxembourg and administrative headquarters in Virginia.

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.

On December 1, 2020, 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 20-CV-02341.

Lead Plaintiff filed an amended Complaint on January 14, 2021. Defendants filed a Motion to Dismiss the amended Complaint on March 15. On September 27, 2022, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Lead Plaintiffs were given leave to amend the Complaint.

On November 28, 2022, Lead Plaintiff filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on January 19, 2023. On April 26, 2023, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice. On May 25, Lead Plaintiff filed a notice appealing the Court's Dismissal Order.