Shareholders File Suit Against Sirius XM

Orange County, Calif., realtor and stock investor Michael Hartleib has formed a group of more than 500 Sirius and XM shareholders who bill themselves as “Save Sirius” claiming the Sirius XM managers led by Mel Karmazin have unjustly enriched themselves at shareholders’ expense.

Hartleib, who months ago warned that a merger between the two satcasters would spell only trouble for the companies’ shareholders, is responsible for encouraging the group to file a derivative suit on behalf of shareholders in U.S.

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