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XM Satellite Sued Over Decline in Value of Stock

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At a glance:

A class action lawsuit has been filed against XM Satellite Radio Holdings Inc, on behalf of investors who bought the company's stock between July 28, 2005 and February 15, 2006. 
 
The suit alleges false and misleading statements and misrepresentation with regard to the cost to the company of reaching its subscription goal of 6 million by the end of 2005; and that the true costs and subsequent net losses were allegedly disclosed on February 16, 2006 leading to a sharp decline in the stock price.

Class Action Lawsuit Filed Against XM Satellite Radio Holdings Inc ...

PrimeZone (press release) - 6/2/2006 5:05 PM

NEW YORK, June 2, 2006 (PRIMEZONE) -- Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) ("Pomerantz") has filed a class action lawsuit in the United States District Court for the District of Columbia, against XM Satellite Radio Holdings Inc. ("XM Satellite" or the "Company") (Nasdaq:XMSR) and Hugh Panero, President and Chief Executive Officer, on behalf of purchasers of the common stock of the Company during the period from July 28, 2005 -- February 15, 2006, inclusive (the "Class Period"). The complaint alleges violations of Section 10(b) and Section 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder.
 
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