Sat, Feb 18, 2012
Suit Claims Falcone Was 'Deceptive And Misleading'
A group of investors unhappy with the "all in" investment Philip
Falcone's Harbinger Capital Partners poured into LightSquared have
sued the hedge fund manager and the fund, saying "billions" of
dollars were squandered on the wireless startup.
The Wall Street Journal reports that the suit claims
Falcone and the fund made "deceptive and misleading statements"
about the viability of the proposed service. The suit further
states that Harbinger and Falcone "knew from the outset, or were
reckless in failing to know, that LightSquared's technology
interfered with GPS systems." The investors say they stand to lose
their entire stake.
The suit claims Harbinger "implemented a very different
investment strategy" than it had presented to investors, in which
it said it would commit a minimum of 60 percent of its main fund
A spokesman for Harbinger had no comment, but according to the
paper, Falcone said in a conference call with investors Friday that
he planned to continue to work to bring the 4G LTE network to
market. LightSquared says there is enough money for it to continue
for several quarters, but gave no specifics.
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