XM Radio Slapped With Securities Suit

Law360, New York (May 3, 2006, 12:00 AM EDT) -- XM Satellite Radio Holdings Inc. was brought back to earth Monday when it was hit with a proposed class action lawsuit alleging securities fraud.

The complaint, filed in a Washington, D.C. court, charges that plaintiffs too numerous to count were injured when they bought the radio company’s stock at artificially inflated prices, and that key executives within the company hid “skyrocketing” costs from investors.

“We would not file the case unless we thought the case had merit,” said Steven Toll, the attorney who signed the complaint....
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