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Short Take: Iridium hit with shareholder suits

Iridium World Communications, a global satellite telephone company, faces three class action lawsuits filed on behalf of stockholders. The law firms filed separate suits against Iridium alleging the company made false and misleading statements about the launch of its 66-satellite network. Recently, Iridium stock has plummeted, the company has seen major executive departures, and it posted a larger-than-expected quarterly financial loss.

Iridium World Communications, a global satellite telephone company, faces three class action lawsuits filed on behalf of stockholders. The law firms filed separate suits against Iridium alleging the company made false and misleading statements about the launch of its 66-satellite network. Recently, Iridium stock has plummeted, the company has seen major executive departures, and it posted a larger-than-expected quarterly financial loss.