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The complaint charges Globalstar and certain of its officers and directors with violations of the federal securities law. On or about November 2, 2006, the IPO Prospectus (the "Prospectus"), which forms part of the Registration Statement, became effective and at least 7.5 million shares of Globalstar's common stock were sold to the public, thereby raising more than $127 million. The Prospectus failed to disclose that Globalstar's constellation of satellites was degrading at an increasingly fast rate and the length of their commercial viability was decreasing.
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