Yet ANOTHER Class Action Lawsuit Against XMSR
May 10, 2006
Let's see...I think this is number 9, and while this is tedious and repetitive, the story does need to get reported. We now have 9 firms seeking to represent shareholders in this case.
Source: Scott + Scott, LLC
Scott+Scott, LLC Files Class Action Against XM Satellite Radio Holdings Inc. on Behalf of Investors -- XMSR
COLCHESTER, Conn., May 10, 2006 (PRIMEZONE)
On May 10, 2006, Scott+Scott, LLC, filed a class action lawsuit in the U.S. District Court for the District of Columbia against XM Satellite Radio Holdings, Inc. (Nasdaq:XMSR) ("XMSR" or the "Company") and its chief executive officer, Hugh Panero, on behalf of securities purchasers during the period July 28, 2005 through February 15, 2006, inclusive (the "Class Period") for securities law violations.
XM Satellite Radio operates a satellite radio service company. The lawsuit alleges that defendants made false and misleading statements regarding the Company's subscriber acquisition costs by relying on accounting metrics that did not comply with Generally Accepted Accounting Principles ("GAAP") and therefore were easy to manipulate. As a result, the Company's stock price was artificially inflated, thereby harming Class Period investors.
5/10/2006 09:42:00 PM
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