Sirius XM Sued by Nonprofit Over Royalties and 2 Other Hot Stocks to Watch
Sirius XM Radio Inc. (NASDAQ:SIRI): Current price $3.58
On Monday, a United States nonprofit, whose function is collecting digital royalties for music artists, brought a lawsuit against Sirius XM Radio for a minimum of $50 million for underpaying on recordings, including ones recorded before 1972. The suit was filed in the United States District Court for the District of Columbia by SoundExchange Inc., an entity that was appointed by the Copyright Royalty Board to gather and distribute performance royalties established under federal law.
According to the lawsuit, Sirius XM “systematically” underpaid SoundExchange from 2007 through 2012 for the statutory license that permits the service to broadcast recordings to its paying subscribers. The lawsuit said that Sirius in particular reduced by between 10 and 15 percent the gross revenues it reports by which to calculate the royalties, because that amount corresponded to performances of pre-1972 recordings.
Facebook Inc. (NASDAQ:FB): Current price $39.96
Facebook shares were among the tech stocks that declined along with the wider market on Tuesday, down some 2 percent to around $40.50 in heavy mid-morning trading. A filing with the Securities and Exchange Commission indicates that Chief Operating Officer Sheryl Sandberg and Chief Financial Officer David Ebersman sold off portions of their Facebook stock through fixed trade plans, which are previously timed, hopefully to avoid the sales appearing to be reactions on their parts to news or events.
Catalyst Pharmaceutical Partners, Inc. (NASDAQ:CPRX): Current price $2.07
Catalyst announced Tuesday that its investigational product Firdapse (amifampridine phosphate) has received Breakthrough Therapy Designation by the FDA for the symptomatic treatment of patients having Lambert-Eaton Myasthenic Syndrome. Firdapse is Catalyst’s investigational therapy that is being studied for the treatment of the debilitating symptoms linked with LEMS, including muscle weakness. Catalyst is a specialty pharmaceutical firm that is centered on the development and commercialization of novel prescription drugs that target rare (orphan) neuromuscular and neurological diseases.