Cirrus Logic Shareholder Alert: Briscoe Law and Powers Taylor Investigate
Possible Breaches of Fiduciary Duty by Officers and Directors
DALLAS -- February 6, 2013
Former United States Securities and Exchange Commission attorney Willie
Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation
firm of Powers Taylor, LLP announce that a federal class action lawsuit has
been filed against Cirrus Logic, Inc. (“Cirrus” or “Company”) (Nasdaq: CRUS).
The firms are investigating additional legal claims against the officers and
Board of Directors of Cirrus during the period of July 31, 2012 to October 31,
2012 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit
or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC,
(214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary
Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
firstname.lastname@example.org. There is no cost or fee to you.
In a recently filed federal class action complaint, Cirrus and certain of its
officers were charged with violating certain provisions of the Securities
Exchange Act of 1934. Specifically, the complaint alleges that defendants
misrepresented and/or failed to disclose that: (a) the Company’s dependence on
Apple for revenues was increasing not diminishing; (b) sales growth was
falling; (c) difficulties in the supply chain and its vendors were increasing
costs and reducing profit margins going forward; (d) several models of the new
LED lighting had been delayed; and (e) as a result Cirrus’ increased FY13
guidance was not attainable. According to the complaint, when these facts were
finally disclosed, Cirrus’s shares dropped substantially.
“Recent revelations about alleged improper business practices and procedures
regarding key aspects of Cirrus’ business and other misleading financial
statements have prompted the firms to investigate possible breaches of
fiduciary duties and other violations of state law by Cirrus’s officers and
directors. Based on our investigation, we are prepared to pursue litigation to
preserve the company and the value of Cirrus stock for all shareholders,” said
shareholder rights attorney Patrick Powers.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial
transaction, and public advocacy firm with more than 20 years of experience in
complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of
complex business litigation matters, including claims of investor and
stockholder fraud, shareholder oppression, shareholder derivative suits, and
security class actions.
The Briscoe Law Firm, PLLC
Willie Briscoe, 214-706-9314
Powers Taylor, LLP
Zachary Groover, 877-728-9607
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