Sirius XM Shareholder Suit Temporarily Bounced
December 11, 2008 at 6:32 AM (PT)
MICHAEL HARTLEIB's shareholder lawsuit against SIRIUS XM RADIO has been dismissed on procedural grounds but HARTLIEB has been given twenty days from DECEMBER 4 to amend the suit. The court ruled that HARTLEIB did not serve his demands on SIRIUS XM's board or show why doing so would have been futile, and that his individual claim against the company's officers and directors did not allege any specific personal harm to himself.
HARTLEIB, founder of SAVESIRIUS (SaveSirius.org), is demanding in his suit that the company's Board of Directors postpone the pending reverse stock split and issuance of additional stock, and is asking that all stock compensation plans and other bonuses be suspended immediately and revised as "performance-based compensation."