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Case ID: 4799 | Stocks | 05/11/2006
A class action has been filed against XM Satellite Radio Holdings Inc. (XMSR), certain of its officers and directors by stockholders who purchased the company's common stock between July 28, 2005 and February 15, 2006. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
A class action lawsuit has been filed 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. If you purchased XMSR securities during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than July 3, 2006. Any purported class member may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. According to the complaint, during the Class Period, defendants misrepresented the Company's ability to reduce its subscriber acquisition costs, which was required to validate XMSR's business model and achieve profitability. In reality, it is alleged defendants knew or consciously and recklessly disregarded that the Company would continue to make inordinately large expenditures going into the end of the 2005 fiscal year to achieve its heralded goal of 6 million subscribers, making its claims regarding scalable reductions in subscriber acquisition cost blatantly false and misleading. On February 16, 2006, defendants announced that for the Company's fourth fiscal quarter, subscriber acquisition cost was $89 per customer compared to $64 per customer in the same period last year. On this news, the price of XMSR shares fell 12.9%, on unusually high trading volume. If you bought XM Satellite Radio Holdings Inc. securities between July 28, 2005 and February 15, 2006, inclusive, and would like to obtain information about the XM Satellite Radio Holdings Inc. lawsuit, then you are invited to call (866) 467-1400 to speak with an attorney. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest A class action has been filed against pharmaceutical company Biovail Corporation (NYSE: BVF) and certain of its officers and directors by stockholders who purchased the company's common stock between May 17, 2002, and October 30, 2003. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. A class action has been filed against chemical and polymer company Crompton Corporation (NYSE: CK) and certain of its officers and directors by stockholders who purchased the company's common stock (or the common stock of its predecessor, Crompton & Knowles Corporation) between October 26, 1998, and October 8, 2002. A class action has been filed against International Business Machines Corporation (IBM) (NYSE:IBM), certain of its officers and directors by stockholders who purchased the company's common stock between April 05, 2005 and April 15, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Advanced Neuromodulation Systems, Inc. (NasdaqNM:ANSI), and certain of its officers and directors by stockholders who purchased the company's common stock between April 24, 2003 and February 16, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Dura Pharmaceuticals, Inc. (formerly Nasdaq: DURA) and certain of its officers and directors by stockholders who purchased the company's common stock between April 15, 1997, and February 24, 1998. According to a press release dated June 5, 2008, a class action has been commenced on behalf of purchasers of the Fidelity Ultra-Short Bond Fund who purchased the Fund within three years of the filing of this lawsuit, seeking to pursue remedies under the Securities Act of 1933.
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