Suit seeks class action status.
XM Satellite Radio Holdings Inc. executives sold their individual company stock while making misleading claims about the broadcaster's ability to trim spending, attorneys representing investors in a lawsuit said on Wednesday (May 3).
The claims were in a lawsuit seeking class action status, filed in the U.S. District Court for the District of Columbia for holder of the stock between July 28, 2005, and February 15, 2006, the law firm of Schatz & Nobel said in a statement.
XM last week posted a wider first quarter loss on higher spending and said federal regulators were probing its procedures. XM shares were off 7.3 percent on Wednesday to $17.09, and earlier slipped to a low of $16.86, its lowest level since October 2003.