What can you tell me about the class action lawsuit regarding Maxar Technologies. I received a proof of claim form in the mail. It mentions an award of $27m. There are currently 74 million shares outstanding.
Thanks
Paul
The lawsuit stemmed from MAXR's 2017 merger with Digitalglobe, with allegations the companies left out material information in the merger. MAXR has now been delisted, having been acquired in May. In a class action, the settlement first pays the lawyers, and then is shared pro-rata amongst qualified shareholders who submit the proper documentation. Usually, these are worth the time and effort, but here there is actually money to disperse. The amount will vary with the number of shareholders who participate. If all shareholders do (which is highly unlikely as the shares needed to be owned during a specified time period and most shareholders just won't fill out the paperwork), the amount would be about 35 cents per share. So, former shareholders need to balance the possible settlement to them against the work involved. Many brokers only hold trade information for two years or less and can charge fees if one needs old trade tickets. So, if an investor held 2,000 shares they might expect to receive $1,000. We are just guessing on this amount, of course. But if the data is easily obtained, we see not reason not to participate now that there is actual money available. It will be more than $0 certainly to all shareholders. The deadline for submission is October 20.