January 07, 2014
Bernstein Liebhard LLP is investigating whether Liberty Media Corporation (“Liberty”) and the Board of Directors of Sirius XM Radio Inc. (“SiriusXM” or the “Company”) (NASDAQ: SIRI) are breaching their fiduciary duties to SiriusXM shareholders in connection with a proposed acquisition by Liberty, the controlling shareholder of SiriusXM.
Under the terms of the proposed transaction, all outstanding shares of common stock of the Company not owned by Liberty would be converted into the right to receive 0.0760 of a new share of Liberty Series C common stock. Liberty has indicated that immediately prior to such conversion, Liberty intends to distribute, on a 2:1 basis, shares of Liberty’s Series C common stock to all holders of record of Liberty’s Series A and B common stock. The investigation is focused on the price offered to SiriusXM shareholders by Liberty and the process for consideration of the proposed transaction by the SiriusXM Board of Directors.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last eleven years.