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Clayton Named in Global Suit

Clayton Named in Global Suit

Joe Clayton has been named in a class action lawsuit filed in federal court in New York along with several other current and former executives of Global Crossing. Clayton, now president/CEO of Sirius Satellite Radio, was previously President/CEO of Global’s North American operations.
The suit seeks damages for investments lost when Global filed for bankruptcy Jan. 28. Matthew Fusco of the Rochester, N.Y. law firm Chamberlain, D’Amanda, is gathering local shareholders to join the suit, which alleges Global artificially inflated stock prices in filings with the Securities and Exchange Commission.
Clayton did not return a call for comment about the Global allegations.
Sources questioned the timing of the filing; a week before Sirius’ launch in four markets.