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Worldspace Satellite Radio sued by investors

updated 01:50 pm EDT, Tue March 27, 2007

Worldspace Radio sued

An American firm has filed a lawsuit against Worldspace, a satellite radio provider that services most of the world outside North America, including Asia, Europe and the Middle East. The class action suit was launched on the part of investors, who are together accusing executives of violating federal securities laws -- specifically, deliberately omitting or falsifying information about Worldspace's operations. The public was allegedly deceived about the company's performance, and as a result, stock prices are said to have been artificially inflated. The trial has yet to begin; investors have until May 15th to file with The Paskowitz Law Firm as a plaintiff.

by MacNN Staff




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