We are investigating Sirius XM Holdings Inc. (SIRI) (“Sirius” or the “Company”) for potential violations of the federal securities laws.
On April 24, 2019, Sirius reported first-quarter financial and operating results that fell short of analyst expectations, including net income of $162 million, or $0.03 per share, compared to $289 million, or $0.06 per share for the same period in the prior year. Sirius attributed the drop in quarterly earnings, in part, to approximately $76 million of acquisition and other costs related to its acquisition of Pandora Media, Inc. On this news, Sirius’s stock price fell sharply during intraday trading on April 24, 2019, damaging investors.