INTEQ - Satellite operator Intelsat gains after report chairman sued for insider trading

Intelsat (INTEQ) gained 15% after the New York Post reported Sunday that chairman and former CEO David McGlade is being sued for alleged insider trading.Lawsuit alleges that McGlade as well as PE firms Silver Lake and BC Partners sold stock on Nov. 19, hours after being told that the Federal Communications Commission was against a proposal that would have monetized billions of dollars of Intelsat's spectrum.The lawsuit, which was filed in Oakland, California federal court, was filed by law firm Labaton Sucharow on behalf of Intelsat shareholder Walleye Group, according to the newspaper.McGlade didn't return NYPost requests for comment. Silver Lake declined to comment to the paper. BC Partners didn't return requests for comment, though previously told the paper that the trades were "based solely on available public information."Recall Nov. 2019, Intelsat -17.5% as Pai calls for public C-band auction.

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Satellite operator Intelsat gains after report chairman sued for insider trading