Sirius' Merger Difficulties Lead To Shareholder Suit

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Sirius' Merger Difficulties Lead To Shareholder Suit

Tue Nov 04, 2008 @ 03:15PM PST

By Eriq Gardner

A group comprised of more than 500 Sirius-XM shareholders calling itself Save Sirius has filed a class action lawsuit against the company's management on charges of federal racketeering, breach of fiduciary duty and the violations of the Sherman Act.

The plaintiffs, filing the suit in U.S. District Court in California, are demanding the removal of the company's top executives, including chief Mel Karmazin. They aren't happy with the company's stock performance, particularly due to stock dilution, a planned reverse stock split, and "the longest merger delay in history."

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The Hollywood Reporter, Esq. blog focuses on how the entertainment and media industries are impacted and influenced by the law. It is edited by Matthew Belloni with contributions from veteran legal reporter Eriq Gardner and others. Before joining The Hollywood Reporter, Belloni was a lawyer at an entertainment litigation firm in Los Angeles. He writes a column for THR devoted to entertainment law. Gardner is a New York-based writer and legal journalist. Send tips or comments to [email protected]

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