Sirius XM Radio (SIRI: sentiment, chart, options) is being called on the carpet today by a group of concerned shareholders, with the organization -- known as "Save Sirius" -- issuing a list of demands to the company's board. The group is insisting that Sirius postpone a vote seeking shareholder approval to increase the number of shares in fully diluted float from 4.5 billion to 8 billion; that the company delay its proposed reverse stock split; and that all stock compensation plans and bonuses be suspended "until the return to these compensation plans would be commensurate with the concept of 'performance based compensation.'"

In a press release, Save Sirius mouthpiece Michael Harleib stated, "If the board continues with the scheduled vote, we will believe that to be a violation of their fiduciary duties and will have no choice but to seek injunctive relief."

The group sent its demands via certified mail, and have received confirmation of their delivery to the board. They're now awaiting a response from Sirius, which has seen its shares tumble 4% this morning to 25 cents.