SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 22, 2001
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LORAL SPACE & COMMUNICATIONS LTD.
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(Exact name of registrant as specified in its charter)
Islands of Bermuda 1-14180 13-3867424
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number
c/o Loral SpaceCom Corporation,
600 Third Avenue, New York, New York 10016
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(212) 697-1105
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Item 5. Other Events.
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On May 22, 2001, plaintiffs Philip Hage, Jr. and Ron Maggiaro filed a
purported class action complaint against Loral Space & Communications Ltd.
("Loral") in the United States District Court for the Southern District of New
York. The other defendants named in the complaint are Bernard Schwartz, Loral's
Chairman and Chief Executive Officer, and Richard Townsend, Loral's Chief
Financial Officer. The complaint alleges (a) that defendants violated Section
10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated
thereunder, by making material misstatements or failing to state material facts
about Globalstar's business and prospects and (b) that Messrs. Schwartz and
Townsend are secondarily liable for these alleged misstatements and omissions
under Section 20(a) of the Exchange Act as alleged "controlling persons" of
Loral. The class of plaintiffs on whose behalf this lawsuit has been asserted
consists of all buyers of Loral common stock from November 4, 1999 through
February 1, 2001, excluding the defendants and certain persons related or
affiliated therewith. Loral believes that it has meritorious defenses to the
above action and intends to pursue them vigorously.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LORAL SPACE & COMMUNICATIONS LTD.
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(Registrant)
Date: May 25, 2001 By: /s/ Avi Katz
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Avi Katz
Vice President, General
Counsel and Secretary