(Updates from 12:25 p.m. ET with closing information.)
SoundExchange, a U.S. nonprofit which collects royalties for musicians, sued the satellite radio company yesterday in the U.S. District Court for the District of Columbia. SoundExchange claimed that Sirius "systematically" underpaid them for the licenses that allow Sirius to play music by SoundExchange's artists.
"We cannot sit by and watch this multi-billion dollar company reap record profits from the creative contributions of artists and labels without paying them everything they deserve," SoundExchange Chief Executive Michael Huppe said in a statement.
Facebook (FB ) shares fell 3.07% to $40.05 after it reported that it was a target of government data requests. 74 countries demanded data on about 38,000 Facebook users. About half of these requests came from the U.S. government. The social media giant said that the "vast majority" were related to criminal cases such as robberies and kidnappings. According to Facebook's report, it provided information to the U.S. government in 79% of its cases. "We fight many of these requests, pushing back when we find legal deficiencies and narrowing the scope of overly broad or vague requests," Colin Stretch, Facebook's general counsel, said in a blog post. "When we are required to comply with a particular request, we frequently share only basic user information, such as name."
Apple (AAPL ) shares fell 1.12% to $497.32 as the broader market fell sharply on worries of a potential conflict in Syria, despite reports of new deals. Apple has added five more apps to its Apple TV hardware. The apps come from Disney, The Weather Channel, and The Smithsonian. This is the second time in a few months in which Apple TV has been upgradedthis year. In addition, The Wall Street Journal confirmed an earlier media report that Apple will begin its long-anticipated iPhone trade-in in September, ahead of its reported Sept. 10 iPhone announcement.
Closing prices: SIRI fell 2.9% to $3.56, FB fell 4.1% to $39.64 and AAPL was off 2.9% to $488.59. -- Written by Laura Berman in New York Follow @LauraBermanTST