Sirius Shareholders Issue Formal Demand on SIRIUS XM's Board of Directors

Sirius Shareholders Issue Formal Demand on SIRIUS XM's Board of Directors

LOS ANGELES, Nov. 18 /PRNewswire/ -- The following is being issued by "SaveSirius.org":

SaveSirius is a group of concerned shareholders that is accusing SIRIUS XM management of unjustly enriching themselves at shareholders' expense. A derivative suit has been filed in the United States District Court by SaveSirius founder, Michael Hartleib.

SaveSirius members have served formal letters of demand on the SIRIUS XM Board of Directors. Their demands are:

-- To postpone the vote that is seeking shareholder approval to further dilute the common stock by increasing the number of shares in the fully diluted float from 4.5 billion to 8 billion.

-- To postpone the proposed reverse split, ranging from 1 for 10 to 1 for 50.

-- In light of the abysmal stock performance and dire financial situation, that all stock compensation plans and other bonuses be suspended immediately, and not be reinstated until the return to these compensation plans would be commensurate with the concept of "performance based compensation".

"Given the NASDAQ's reprieve of delisting securities below a dollar, there is sufficient time for the Board to convene an emergency meeting to consider other options, such as but not limited to, self-funding by shareholders," said Michael Hartleib on behalf of SaveSirius and its members.

They also demand the Board meet with interested parties to address alternatives that would be more in line with shareholders' interests.

"If the board continues with the scheduled vote, we will believe that to be a violation of their fiduciary duties and will have no choice but to seek injunctive relief," said Michael Hartleib on behalf of SaveSirius and its members.

"The Board has also been notified that the proxy being distributed to SIRIUS XM shareholders is deficient as there is no mention of pending litigation in Federal District Court charging management with racketeering, fraud and breach of fiduciary duties; or the appeal before the D.C. Circuit seeking review and remand of the FCC's merger decision in part due to the failure to hold management responsible for violation of the interoperability mandate and allowing such management to continue in office to the detriment of shareholders and satellite radio consumers," said Michael Hartleib on behalf of SaveSirius and its members.

The demand letters were sent certified and have been confirmed delivered. SaveSirus members await the Company's response.

Contact:
Michael Hartleib
(949) 795-0580
savesirius@gmail.com

Source: SaveSirius.org

CONTACT: Michael Hartleib of SaveSirius, +1-949-795-0580,
savesirius@gmail.com

Web site: http://savesirius.org/

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