Thursday, 29 January 2015
Last updated 2 min ago
Dec 13 2011 | 1:01pm ET
LightSquared, the wireless Internet venture backed by Harbinger Capital Partners, is demanding an investigation into the leak last week of damaging test data.
Government tests of LightSquared's system from Oct. 31 through Nov. 4 found that it caused interference with 75% of receivers tested. Those findings were supposed to be unveiled at a hearing this week, but instead found their way into the news media on Friday.
In a letter to the U.S. departments of Defense and Transportation, LightSquared CEO Sanjiv Ahuja called for "an immediate investigation to determine the circumstances of this leak." Earlier, the company alleged that the leak "attempts to draw an inaccurate conclusion to negatively influence the future of LightSquared and narrowly serve the business interests of the GPS industry."
In his letter to the two Cabinet agencies, Ahuja also blasted the leaked information as "preliminary, incomplete," and said it "did not represent the full findings from the test results."
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…