Wolf Haldenstein Commences Securities Fraud Class Action Suit Against Sirius Satellite Radio, Inc

Business Wire, Nov 27, 2001

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 27, 2001

The following is an announcement from the law firm of Wolf Haldenstein Adler Freeman & Herz LLP:

Wolf Haldenstein Adler Freeman & Herz LLP commenced a class action lawsuit in the United States District Court for the District of Vermont on behalf of all purchasers of the securities of Sirius Satellite Radio, Inc. ("Sirius" or the "Company") (NASDAQ: SIRI), formerly known as CD Radio, Inc., between February 17, 2000 and April 2, 2001, inclusive (the "Class Period"), against Sirius, David Margolese (Chief Executive Officer and Chairman), Robert D. Briskman (Executive Vice President and Director), and Patrick L. Donnelly (Senior Vice President, General Counsel and Secretary).

The case name and index number are Kilbane v. Sirius Satellite Radio, Inc. et al, Case No. 2:01-CV-346. If you would like to view a copy of the complaint filed in this action, please visit the Wolf Haldenstein web site located at http://www.whafh.com.

The complaint alleges that defendants violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, promulgated thereunder, by failing to disclose facts known to them, or recklessly disregarded by them, which demonstrated that the announced commercial launch dates for the Company's satellites required for the Company's service, published throughout the Class Period, were impossibly ambitious. Defendants knew, or recklessly disregarded, that it would be impossible for the Company to offer its service commercially by the end of 2000, as initially disclosed, or early in 2001, as subsequently disclosed. The complaint alleges that at all times during the Class Period defendants issued materially false and misleading statements and press releases concerning when the Company's service would be commercially available, which caused the market price of Sirius common stock to be artificially inflated. When the truth about Sirius' business was revealed to the public, the price of Sirius common stock dropped precipitously, causing Plaintiff and the Class to suffer substantial damages.

Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired Sirius securities during the Class Period. If you purchased or otherwise acquired Sirius securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. If you purchased Sirius securities during the Class Period, you may, no later than December 8, 2001, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiffs." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has approximately 60 attorneys in various practice areas; and offices in Chicago, New Jersey, New York City, San Diego, and West Palm Beach. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at (800) 575-0735 (Fred Taylor Isquith, Esq., Gregory M. Nespole, Esq., Michael Miske, George Peters, or Derek Behnke), via e-mail at classmember@whafh.com or visit our website at http://www.whafh.com. All e-mail correspondence should make reference to Sirius.