Robbins Geller Rudman & Dowd LLP Files Class Action Suit against Cirrus Logic, Inc.

  Robbins Geller Rudman & Dowd LLP Files Class Action Suit against Cirrus
  Logic, Inc.

Business Wire

NEW YORK -- February 4, 2013

Robbins Geller Rudman & Dowd LLP (“Robbins Geller”)
(http://www.rgrdlaw.com/cases/cirrus/) today announced that a class action has
been commenced in the United States District Court for the Southern District
of New York on behalf of all persons or entities who purchased the common
stock of Cirrus Logic, Inc. (“Cirrus” or the “Company”) (Nasdaq:CRUS) between
July 31, 2012 and October 31, 2012 (the “Class Period”).

If you wish to serve as lead plaintiff, you must move the Court no later than
60 days from today. If you wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact plaintiff’s
counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at
800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com. If you are a
member of this class, you can view a copy of the complaint as filed or join
this class action online at http://www.rgrdlaw.com/cases/cirrus/. Any member
of the putative class may move the Court to serve as lead plaintiff through
counsel of their choice, or may choose to do nothing and remain an absent
class member.

The complaint charges Cirrus and certain of its officers and directors with
violations of the Securities Exchange Act of 1934. Cirrus develops
high-precision, analog and mixed-signal integrated circuits (“ICs”) for a
broad range of audio and energy markets, including consumer and commercial
audio, automotive entertainment, and targeted industrial and energy-related
applications.

The complaint alleges that during the Class Period, defendants issued
materially false and misleading statements regarding the Company’s financial
performance and future prospects. According to the complaint, the true facts,
which were known or recklessly disregarded by each of the defendants but
concealed from the investing public during the Class Period, were as follows:
(i) Cirrus’s dependence on Apple, Inc. (its biggest customer) for revenues was
increasing rather than diminishing; (ii) Cirrus’s sales growth was falling
rather than increasing; (iii) difficulties in Cirrus’s supply chain and at its
vendors were increasing costs and diminishing the Company’s profit margins
going forward; (iv) the launch of several models of Cirrus’s new LED lighting
had been delayed; and (v) as a result, defendants knew Cirrus’s increased
fiscal 2013 guidance was not attainable.

According to the complaint, on October 31, 2012, after the close of trading,
Cirrus shocked the market by issuing significantly lower guidance for fiscal
2013 than the market had been led to expect, modeling revenues to be down 15%
sequentially for its 2013 fourth quarter. In response to the Company’s
announcement, the complaint alleges that the price of Cirrus stock fell
precipitously.

Plaintiff seeks to recover damages on behalf of all purchasers of Cirrus
common stock during the Class Period (the “Class”). The plaintiff is
represented by Robbins Geller, which has expertise in prosecuting investor
class actions and extensive experience in actions involving financial fraud.

Robbins Geller represents U.S. and international institutional investors in
contingency-based securities and corporate litigation. With nearly 200 lawyers
in nine offices, the firm represents hundreds of public and multi-employer
pension funds with combined assets under management in excess of $2 trillion.
The firm has obtained many of the largest recoveries and has been ranked
number one in the number of shareholder class action recoveries in MSCI’s Top
SCAS 50 every year since 2003. According to Cornerstone Research, the firm’s
recoveries have averaged 35% above the median for all firms over the past
seven years (2005-2011). Please visit http://www.rgrdlaw.com for more
information.

Contact:

Robbins Geller Rudman & Dowd LLP
Samuel H. Rudman, 800-449-4900
or
David A. Rosenfeld
djr@rgrdlaw.com
 
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