Billboard Radio Monitor is reporting that SIRIUS Satellite Radio has settled the shareholder suit for $8 Million in cash. The 2001 class action lawsuit involved alleged "materially false and misleading statements and press releases concerning when our service would be commercially available."
Those statements were supposedly what caused Sirius' stock price to be "artifically inflated" and to drop from the $50-to-$60 range in February/March of 2000, to close in April 1st at $11.75 per share.
According to the 10-k filing, the only outstanding legal proceedings against them now is the CBS Radio lawsuit.
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