XM Class Action Lawsuit: Judge Denies Other Motions For Lead Plaintiff

When XM Satellite Radio had a class-action lawsuit filed against them, there were 5 groups all vieing to be the lead plantiff.

1. The first was the "Union Pension Group" whose losses total $551,872
2. Next up was a group of individuals calling themselves "the Zarif Group" - total losses: $471,671
   
3. On third base, we have Victor Ventimiglia, whose losses total $46,390
4. Ron Price, who seeked to be named lead plaintiff of the sub-class of options purchasers, whose losses total $13,616
5. And finally Adam Barber, whose losses total $252,000
   

About 17 days after the parties filed their motion, Adam Barber and Victor Ventimiglia joined forces with "the Zarif Group" and formed the much cooler sounding "XM Shareholder Group" with a total claimed loss of $730,304.81.

The reason for this manuever? The XM Shareholder Group claimed that  the Union Pension Group (which had the highest loss claim, and is an institutional investor - favored by courts in these cases) had "any meaningful litigation plan or organizational structure."

The Judge on the otherhand wasn't very persuaded, and had some very poignent things to say about the group's course of action. He called these concerns "hollow," "unsubstantiated" and "disingenuousness."

As a result, Judge Ellen Segal Huvelle has granted the Union Pension Groups' motion for lead plaintiff and denied all the other pending motions.

[Read the Judge's Order] (PDF)
Thanks Jonathan!