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Satnews Daily
June 4th, 2020

Forrester Reports: Class Action Suit Filed Against Intelsat / Branson Sells Some Virgin Galactic Stock / Turksat-5A to Launch This Year

Chris Forrester

The Schall Law Firm has confirmed the firm has filed a class action against Intelsat citing violations of 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the US Securities and Exchange Commission, as revealed in a posting by journalist Chris Forrester at the Advanced Television infosite.

Investors who purchased the Company’s securities between November 5th and November 18th 2019, inclusive (the ”Class Period”), are encouraged to contact the firm before June 8, 2020 (this coming Monday),” stated the firm.

According to the Complaint, Intelsat made false and misleading statements to the market. Intelsat violated the Exchange Act by selling a black of the Company’s shares while holding material non-public information.

This included the fact that the Company had met with the FCC on November 5, 2019, regarding the private sale of wavebands controlled by Intelsat for future “5G” use (the “C-Band”). The FCC opposed the Company’s existing plans for a private sale of the C-Band, preferring a public auction. The FCC announced a public auction of the C-Band on November 18, 2019, contrary to the Company’s wishes, its stock declined by 40 per cent. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Intelsat, investors suffered damages,” stated the action.

Other law firms have similar filings in place.

Chris is also reporting that Richard Branson has sold 12.3 million shares of his dwindling holdings in his sub-orbital space tourism project Virgin Galactic.

The shares were sold to an unnamed buyer through Credit Suisse and were on offer a $15.20 (€13.56) each, which Bloomberg reports, was a 3.9 percent discount. The shares represent a 16 percent slice of the company’s public float. As at May 22nd, Branson’s holdings totaled 89.9 million shares, or about a 46 percent stake.

A month ago on May 12th, Branson sold a 12 percent stake in order to support other Virgin-branded businesses that included airline Virgin Atlantic (51 percent owned by Branson, 49 per ent owned by Delta Airlines) — that sale generated some $486 million.

Additionally, Chris has revealed that Turkey’s latest satellite, Turksat 5A, has been confirmed for launch in Q4 this year. This is the first of a trio of next-generation craft that will be orbited between now and 2022.

Turkey’s transportation and infrastructure minister, Adil KaraismaloÄŸlu, visited the Turksat facility at Gölbaşı, near Ankara on June 3rd, and said that Turkey’s satellite broadcasting appeared to be an important factor in the sector by addressing Asia, Europe and African countries.

Türksat 5A will operate in Ku-band at the 31 degrees East longitude, covering Turkey, the Middle East, Europe and large regions of Africa. It will provide television services and improve broadband data networks.  Türksat 5A, which was built by Türkstat and TAI in collaboration with Airbus Defense and Space (D&S) as part of a deal inked in 2011, is contracted to be launched into space by a SpaceX Falcon 9 rockets from the launch pad in Florida by the end of 2020.

The two follow-on satellites, Turksat 6A and 6B, are domestically produced in collaboration between the ministry and organizations and companies such as defense firm ASELSAN, Turkish Aerospace Industries (TAI) and CTech along with Türksat and the country’s top scientific body the Scientific and Technological Research Council of Turkey (TÜBÄ°TAK).

The investment value of Türksat has reached Turkish Lira 10.2 billion ($1.5 billion), while the company closed the first three months of 2020 with an operating profit of TL 101 million.

Artistic rendition of the Turksat-5A satellite.
Image is courtesy of Airbus.