Will Sirius XM Holdings Inc.(NASDAQ:SIRI) and FireEye Inc(NASDAQ:FEYE) Come out on Top of Their Lawsuits?
New York, NY – GDP INSIDER – 10/06/2014.
This article discusses two stocks that are currently facing lawsuits: Sirius XM Holdings and FireEye Inc.
Sirius XM Holdings Inc.(NASDAQ:SIRI) is a New York-based company that provides satellite radio services in the United States and Canada. Its offerings include commercial-free music, sports talk, live events, comedy, and news. The company recently was on the losing end of a California federal judge’s decision regarding copyright infringement. The Turtles, a rather minor rock and psychedelic pop band that was only active from 1965 to 1970, alleged that Sirius had failed to pay the necessary royalties for the use of their music.
Sirius XM Holdings will appeal the ruling of US District Judge Philip Gutierrez, who ruled that the band had the right to copyright protection for their work in spite of the fact that the federal copyright only applied for recordings made after February 1972.
FireEye Inc(NASDAQ:FEYE) is a California-based application software company that provides products and services for detecting and resolving advanced cybersecurity threats. While the company has a 52 week high of $97.35, the stock is currently situated just $2.61 above its 52 week low of $25.58. The company’s most recent loss in value came in response to the company’s downgraded from “market perform” to “underperform” by JP Morgan Chase.
Shareholders Foundation, Inc. announced Oct. 1st that a lawsuit by a FireEye investor had been filed over alleged violations of federal securities laws, including materially misleading statement from top executives and the omission of material information. Specifically, the investor claims FireEye issued a statement detailing strong sales growth and the possibility of profitability.
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