I saw this on the XM fan site. I thought I would post it here. It seems the bump in stock price everyone expected after this merger isn't happening and many shareholders are quite upset.
Shareholders Fighting SIRIUS XM To The Core (SIRI)
Sirius_logo If you are one of the hundreds of thousands of investors following penny stocks and low-priced stocks such as SIRIUS XM Radio Inc. (NASDAQ: SIRI), then you will be among the many who are not all surprised that shareholders are going back after this company again. Over 500 shareholders have banded together and are going after SIRIUS XM's management.
According to the press release, the group is using Racketeering laws under the RICO Act, breach of fiduciary duties, and the Sherman Act.
The goal is to oust management and to prevent further dilution and possible reverse stock split. It may also prevent Mel Karmazin from being able to take the company private as some reports and speculators have discussed.
Based upon the horrible share price performance and based upon the questions over whether or not it will be able to keep its stock exchange listing, it is really difficult to think that a large shareholder group that has banded together won't be able to be ignored by the company or by the media to force at least some of the changes.
Jon C. Ogg
November 3, 2008
Below is a copy of the full release which was sent directly to us from the "Save SIRIUS" source.
SIRIUS Shareholders File Suit Against SIRIUS XM Radio Management
LOS ANGELES, Nov. 3 /PRNewswire/ -- The following is being issued by
"Save Sirius":
A group of incensed shareholders, over 500 strong and growing, have
banned together and accused SIRIUS XM management of unjustly enriching
themselves at the expense of shareholders.
A derivative suit on behalf of shareholders has been filed in the
United States District Court, Central District of California, Southern
Division. Case number SACV08-00790CJC
continued..
http://www.247wallst.com/2008/11/shareholders-fi.html
Shareholders Fighting SIRIUS XM To The Core (SIRI)
Sirius_logo If you are one of the hundreds of thousands of investors following penny stocks and low-priced stocks such as SIRIUS XM Radio Inc. (NASDAQ: SIRI), then you will be among the many who are not all surprised that shareholders are going back after this company again. Over 500 shareholders have banded together and are going after SIRIUS XM's management.
According to the press release, the group is using Racketeering laws under the RICO Act, breach of fiduciary duties, and the Sherman Act.
The goal is to oust management and to prevent further dilution and possible reverse stock split. It may also prevent Mel Karmazin from being able to take the company private as some reports and speculators have discussed.
Based upon the horrible share price performance and based upon the questions over whether or not it will be able to keep its stock exchange listing, it is really difficult to think that a large shareholder group that has banded together won't be able to be ignored by the company or by the media to force at least some of the changes.
Jon C. Ogg
November 3, 2008
Below is a copy of the full release which was sent directly to us from the "Save SIRIUS" source.
SIRIUS Shareholders File Suit Against SIRIUS XM Radio Management
LOS ANGELES, Nov. 3 /PRNewswire/ -- The following is being issued by
"Save Sirius":
A group of incensed shareholders, over 500 strong and growing, have
banned together and accused SIRIUS XM management of unjustly enriching
themselves at the expense of shareholders.
A derivative suit on behalf of shareholders has been filed in the
United States District Court, Central District of California, Southern
Division. Case number SACV08-00790CJC
continued..
http://www.247wallst.com/2008/11/shareholders-fi.html