Sirius Calls Lawsuit ‘Frivolous’

Sirius Satellite Radio is downplaying a lawsuit filed against it in the United States District Court of Vermont.
The law firm Johnson & Perkinson filed a class-action lawsuit against Sirius, that alleges the satellite radio developer violated SEC disclosure rules and misled investors by saying in statements that it intended to launch its service by late 2000 or early 2001. Those statements, claim Johnson & Perkinson,” caused the market price of Sirius common stock to be artificially inflated” and subsequently hurt investors — including Johnson & Perkinson.
“These claims are frivolous and without merit, although the complaint was an entertaining piece of fiction. We have fully complied with all SEC disclosure requirements and will vigorously defend ourselves,” stated Patrick Donnelly, Sirius Senior Vice President and General Counsel.