NEW YORK -- (Business Wire)
The law firm of Wohl & Fruchter LLP announces that it has commenced an
investigation into efforts by Liberty Media Corporation (Liberty Media)
to acquire majority ownership of Sirius XM Radio Inc. (Sirius) (NASDAQ:
Through its ownership of Sirius’ convertible preferred shares and recent
acquisitions of Sirius common stock, Liberty Media owns in excess of 48%
of Sirius’ shares.
On Friday, August 17, 2012, Liberty Media disclosed that it had filed
with the Federal Communications Commission (FCC) an application for
consent to transfer of de jure control of Sirius, and that it intends to
increase its ownership of Sirius above 50%. Majority ownership will
facilitate Liberty Media’s effort to obtain the consent of the FCC to
its acquisition of Sirius. In addition, majority ownership is required
to achieve Liberty Media’s objective of accomplishing a tax-free
spin-off of Sirius through a Reverse Morris Trust transaction.
Wohl & Fruchter’s investigation concerns whether Liberty Media and the
board of directors of Sirius have complied with their fiduciary duties
in connection with Liberty Media’s efforts to acquire majority ownership
of Sirius, including the failure by the board to adopt takeover
defenses, take other steps to prevent Liberty Media’s acquisition of
majority ownership, or impose conditions for the benefit of Sirius’
Additional information is available at http://www.wohlfruchter.com/cases/siri.
Persons with relevant information, and Sirius shareholders with
questions about this investigation, are invited to contact our Firm by
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation arising from
fraud and other fiduciary breaches by corporate managers, as well as
other complex litigation matters. Please visit our website, www.wohlfruchter.com,
to learn more about our Firm, or contact one of our partners.
This release may be deemed to constitute attorney advertising.
Wohl & Fruchter LLP
Ethan Wohl, 212-758-4000
Source: Wohl & Fruchter LLP