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Thursday, March 31, 2011

Sirius (SIRI) Antitrust Lawsuit Going to Trial

A antitrust lawsuit filed against Sirius XM (NASDAQ:SIRI) has been ordered to go to trial by a New York judge, with the date set for May 2.

The lawsuit alleges Sirius lied when it said once it merged with XM it would lawyer prices, when claimants say prices have risen as high as 40 percent after the consummation of the merger.

Sirius' argument is the fact the government approved of the merger in the first place removes any claims they have violated monopoly laws coming from less competition.

Sirius said in a statement, "With new competitors emerging almost daily, we continue to believe these claims are without merit and intend to vigorously defend this matter."

The company has also recently been sued by top celebrity Howard Stern, while also being pressured from woes in the auto industry coming from the shortage of parts because of the earthquake in Japan.

Sirius closed Wednesday at $1.72, dropping $0.01, or 0.87 percent.

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