Globalstar Inc.’s chief executive wrongly expropriated an AI-driven industrial automation platform — the “crown jewel” of its $11.6 billion sale to Amazon.com Inc. — from another business he founded, according to an unsealed lawsuit.

Two Emirati firms are suing the satellite company and CEO Paul Jacobs, saying he breached contracts and corporate law by trampling on their rights as preferred investors in his other company, XCOM, when he arranged an allegedly underpriced transaction giving Globalstar the XCOM assets that would become the Amazon deal’s centerpiece.

“Globalstar knew Jacobs was conflicted and used that knowledge to obtain a price for …