Press release from Business Wire
Law Firm of Wohl & Fruchter Commences Investigation into Liberty Media Corporation's Announced Plan to Acquire Majority Ownership of Sirius XM Radio, Inc.
Thursday, August 23, 2012
Law Firm of Wohl & Fruchter Commences Investigation into Liberty Media Corporation's Announced Plan to Acquire Majority Ownership of Sirius XM Radio, Inc.07:30 EDT Thursday, August 23, 2012 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: SIRI). 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' public shareholders. 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 calling 866.582.8140. 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 LLPEthan Wohl, email@example.comToll Free: 866-582-8140www.wohlfruchter.com