Sirius Directors Sued for Failing to Defend Against Liberty

Sirius XM Radio Inc. directors were sued by investors who contend the board isn’t doing enough to protect the satellite-radio provider from a potential takeover by Liberty Media Corp.

Sirius shareholders contend in a Delaware Chancery Court suit that Sirius directors have failed to erect anti-takeover defenses for the U.S.’s largest satellite broadcaster despite efforts by Liberty Media Chairman John C. Malone to gain control of the company. Because Liberty owns a 48 percent stake of Sirius, Malone is on the radio provider’s board.