NEW YORK (Hypebot) –
Already battered by the economy and a sub-$1 stock price, Sirius XM faces a new challenge from a group calling itself Save Sirius. 500 incensed Sirius XM shareholders have banned together and accused management of "unjustly enriching themselves at the expense of shareholders" A lawsuit has been filed in the United States District Court in Southern California.
This suit seeks to prevent management from "further damaging its shareholders with massive amounts of additional dilution (8 billion shares in the fully diluted float) and as much as a 1 for 50 reverse stock split." "We are working to gain control of our company by seeking to remove current members of the board as well as top executive Mel Karmazin," said Michael Hartleib on behalf of Save Sirius and its members.