A class action lawsuit on behalf of purchasers of securities of Loral Space & Communications, Ltd. has been filed in the United States District Court for the Southern District of New York, on behalf of purchasers of Loral securities between June 30, 2003 and July 15, 2003.
The complaint charges defendant Bernard Schwartz with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. It alleges that defendant issued materially false and misleading statements which resulted in plaintiffs purchasing Loral securities during the Class Period at artificially inflated prices. The action is pending in the United States District Court for the Southern District of New York as civil action number 03-CV-6051 before the Honorable Shirley Wohl Kram.