Yesterday, we learned that Howard Stern filed a lawsuit against SiriusXM Radio, saying that he was promised a share "in any success that the company achieved," but didn't receive further stock bonuses after Sirius acquired XM.
We said yesterday that if we were SiriusXM, we wouldn't want to piss off Howard, and clearly we were right, because stock prices have already dropped from $2 to $1.65.
Here's what Wunderlich Securities analyst Matthew Harrigan had to say about it:
"Sirius' current stock market valuation likely cannot accommodate the uncertainty engendered by the suit - even if it ends up being meritless."
We're thinking SiriusXM SERIOUSLY needs to make the effort to work everything out with Howard. That would def be the smart thing to do.
Do U think SiriusXM will be in trouble if they don't work it out with Stern?
[Image via WENN.]
Tags: lawsuit, matthew harrigan, siriusxm, stock bonuses, stock market valuation, stock prices, wunderlich securities