By Tom Taylor
The following article comes from Tom Taylor’s newsletter, Taylor on Radio-Info.
Sirius XM, which just settled one shareholder suit for $13 million, faces a new one.
This one, filed by Robert Michael Shenk, actually wants CEO Mel Karmazin terminated, and an end to alleged “breaches of fiduciary duties, gross mismanagement, waste of corporate assets, and unjust enrichment.” Shenk claims that all occurred between February 2007 and the present, and he seeks reform of corporate governance, including a stronger voice on the board for shareholders.Shenk’s suit, filed in the federal court in the southern district of New York, specifically names Karmazin and other officers of Sirius XM, plus the company itself.
Spencer Osborne of SiriusBuzz.com reports the new derivative shareholder suit, and concludes “this appears to be yet another class action that will require Sirius XM to spend money to defend.” It comes just days after Sirius XM settled an earlier suit and agreed to pay $13 million in attorney and other fees, without admitting liability or the validity of the claims.
Tom Taylor is the Executive News Editor at Radio-Info.com.
Contact the Author: tom@in3media.com
THIS IS A JOKE
WHO’S NEXT IN LINE TO SUIT US????????
this is what happens when ya pay off the first lawsuit, i mean 13 million to lawyers and who knows what the final cost will actually be.
When SIRIXM claims they will settle a lawsuit at the shareholders expense, but yet claims no wrong-doing on there part? Quite honestly i as a shareholder am greatfull someone is holding Karmazins and the rest of this crazy managments feet to the fire