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Class
Action Lawsuit Filed Against Globalstar
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More
Information: |
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A
class action lawsuit was filed on behalf of Globalstar shareholders,
naming Globalstar, Loral Space and Communications and Chairman
Bernard Schwartz as a defendants. The  complaint
alleges that the defendants made “material misrepresentations and
omissions of material facts concerning the company's business
performance…The defendants repeatedly assured investors that the
company's operations were performing well, enjoying strong growth
and that its shares were undervalued, among other items.” At the
same time, however, the complaint alleges that the defendants
“knew or recklessly disregarded that Globalstar was falling
dramatically below the company's publicly stated business plan and
that severe shortfalls in the sales of phones necessarily imperiled
the company's business plan at all relevant times.” The lawsuit
was filed in U.S. District Court in New York.
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