Thursday, March 31, 2011

Sirius XM Shares Slump As Legal Woes Mount

Sirius XM
Shares of Sirius XM (NASDAQ: SIRI) slumped more than 4% on Thursday after a federal judge ruled that the biggest U.S. satellite-radio broadcaster must face class-action claims in a lawsuit alleging antitrust violations. The Judge has set May 2 of this year as the start date for the trial. In a complaint filed in 2009,  subscribers to the radio networks allege that the Sirius-XM entity raised prices by as much as 40 percent after the combination in 2008, after promising lower prices.

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