Los Angeles - A group of over 500 Sirius XM Radio (NASD: SIRI) shareholders has filed a derivative lawsuit against the company's management, alleging violations of federal racketeering laws, as well as breach of fiduciary duty and the Sherman Act.

The lawsuit seeks to prevent the company from actions the group believes would dilute the value of its shares.

The shareholder group, calling itself "Save Sirius," also seeks to remove current board members and CEO Mel Karmazin.

"It is clear that management under Mr. Karmazin's leadership has an agenda to steal this company from its shareholders," the group says in a statement, pointing to a Wall Street Journal article in which Karmazin said he'd consider taking the company private.

"We, as a group, will not stand for this and will use any means possible to prevent and preclude them from stealing this company from its rightful owners -- we the shareholders," said Michael Hartleib, on behalf of Save Sirius and its members.

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